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Asseco PST successfully develops Blockchain

Asseco PST has successfully completed its first Blockchain proof of concept. As companies with a technological DNA are being challenged to be at the forefront of digital transformation, this Corda Blockchain development shows our commitment to being at the cutting edge of technological evolution, in line with the evolution of the banking sector.

More than a concept for the future, digital transformation is already an issue on the agenda, being crucial for entities that want to remain competitive in the markets where they operate. At the moment, we're undoubtedly experiencing a dramatic change in the paradigm of organisations, leading technology to take on a crucial strategic role in business development.

It is in this context that Blockchain emerges as a truly revolutionary technology that is playing an increasingly important role in the financial system. We should note that Blockchain goes well beyond bitcoins and cryptocurrencies, as its main advantage is strengthening trustworthy relationships with customers.

From Asseco PST's point of view, one of the biggest challenges is trusting the origin of products and services, so ensuring their credibility is vital. This credibility is guaranteed, above all, by transparency, which is one of the main pillars of Blockchain.

It was in this scenario that Asseco PST, as part of its activity, invested in its first Blockchain proof of concept, where in the laboratory, Core Banking BANKA 3G was integrated with the Corda Blockchain. The same Blockchain was subsequently used for the execution of interbank transfers.

Corda Blockchain is a project of the technological company R3, whose ecosystem encompasses more than 200 members from different sectors of activity and countries. This is the case, for example, of giants such as Microsoft, Intel, Huawei, LG, NEC or Metlife, as well as large financial institutions such as UBS, J.P. Morgan, Goldman Sachs, Barclays, BBVA, Credit Suisse and the Royal Bank of Scotland, among others.

With an architecture that is different from that of traditional Blockchains, and originally developed for the financial market (although it has been broadening its scope over time), the Corda solution offers standards that make it unique in terms of scale (being able to support billions of transactions every day), longevity (allowing multiple versions of software to run on the same network, side by side), security, stability, and interoperability. On the other hand, it seeks to ensure the highest possible level of privacy, while sending and receiving digital assets and data in an efficient and secure way.

With the materialization of this proof of concept, Asseco PST remains focused on assisting its customers today in preparing processes that will have an impact in the future, with an approach that does not end with a mere short-term tactic, but is rather a long-term strategy. Since changing the culture of an organisation is - probably - the most difficult task in the digital transformation process, it must be carried out in a dynamic and evolutionary way.