Technology company n-Tier has launched a new consensus-based reference data blockchain solution.
Using a private blockchain to establish a consensus across firms on key data elements, n-Tier says the new solution will reduce reference data management costs and errors.
By leveraging n-Tier’s Compliance Workbench platform, the solution will also integrate private blockchain capabilities into the reference data management processes of both the data originators and the consumers of that data.
This setup creates a distributed infrastructure for anonymously and securely sharing critical reference data elements that will enable firms to augment their internal data difference detection and correction processes with those of all other firms on the platform.
Peter Gargone, founder and CEO of n-Tier, comments: “Everyone we talk to spends a tremendous amount of time trying to ensure they have accurate reference data. What we see however is that they are all doing the same work, trying to keep the same key reference data elements up to date.”
“Given the flexibility of this solution we’re able to have discussions with firms now to determine which reference data topics are of greatest interest for the initial rollout,” says Gargone.
