National Settlement Depository (NSD) presented a solution providing confidentiality during the verification of transactions in distributed ledgers at the international Sibos forum.
The project was implemented via the Hyperledger Fabric platform; it allows any digital asset to be issued and circulated.
The development was presented at the Hyperledger stand. Alexander Yakovlev, Head of NSD’s Distributed Accounting Systems, spoke about the process of developing and implementing the project and pointed out its numerous advantages. NSD’s team successfully resolved the problem of confidentiality in 6 months.
Mr. Yakovlev pointed out: “This achievement became a corner stone in developing blockchain-based corporate solutions for the financial sector. The key task of which is to keep information about balances in accounts confidential. The confidentiality solution offers challenges for implementing various corporate solutions based on blockchain.”
In the future, NSD’s solution may be adapted to solve a wide range of tasks: product and service supplies, recording and transferring rights, financial operations, and quality control.
In its work on the project, the team used its experience in providing for e-voting confidentiality at bondholder meetings.
Brian Behlendorf, Executive Director of Hyperledger, said that he was impressed with the work of NSD’s team. He also stressed the importance of the project and suggested companies continue to cooperate to promote the solution and put it into commercial operation.