Bitcoin started off as an alternative to regular fiat currency. But over time, the underlying Blockchain technology has gained more prominence. While Bitcoin as a digital currency offers a viable alternative to fiat currency, Blockchain technology is on its way to change the whole FinTech industry. Symbiont is one such company that is leveraging upon the power of Bitcoin and Blockchain technology to offer smart securities and market solutions to Wall Street.
Symbiont offers smart contract solutions for various financial instruments to ensure better transparency, accountability, automation and reduced risks at a significantly lower cost. The company uses the Bitcoin Blockchain to create and execute these smart contracts and smart instruments.
Symbiont’s technology uses multiple layers of protocols integrated by the company’s proprietary translator software – Babel Fish to create and execute smart securities. These smart securities are smart contracts at the core, with additional information and commands included to make it a unified digital financial instrument. The unified structure of financial instruments created by Symbiont begs to differentiate from other blockchain based FinTech solution providers like OverStock which uses multiple token system.
Symbiont’s choice of Bitcoin Blockchain over other smart contract protocols like Ethereum and RootStock can be linked to stability and levels of trust associated with the underlying distributed ledger. Both Ethereum and RootStock are relatively new. Ethereum uses its own version of Blockchain and tokens whereas RootStock is built upon the Bitcoin Blockchain.
According to the CTO and co-founder of Symbiont Bitcoin Blockchain, unlike Ethereum and RootStock has been around for over seven years and it has proven its worth. For a company that is dealing with sensitive financial data using specialized IT infrastructure, experimenting with other unproven alternatives can be dangerous. As the company opts for a trusted protocol, the recent revelation by Mike Hearn about Bitcoin’s impending demise doesn’t seem to have affected much. Also, since the revelation Bitcoin has not shown many signs of stress (except for some recent price fluctuations).
Smart instruments created by Symbiont are stored on the Bitcoin Blockchain. These entries can be verified by anyone using a Bitcoin Blockchain explorer tool. These smart instruments created by Symbiont are versatile in nature and can be published on Ethereum and other Blockchains as well. Also, Symbiont’s contracts can be periodically updated with inputs on relevant market data, terms and conditions etc. in order to ensure proper flawless execution of tasks in accordance with the timeline.
Being an early mover, Symbiont is way ahead of its competitors as various new smart contract based platforms including Nasdaq’s Linq play catch-up. The importance of Blockchain technology and its applications in banking and FinTech sector is further proven by the banking consortium’s initiative to create a Blockchain based inter-bank network.
Symbiont prefers Bitcoin Blockchain due to its stability, but that doesn’t mean other platforms are not going to get there. Ethereum and RootStock are being developed with smart contracts as the main focus and in due time they will be as good as or even better than the Bitcoin protocol when it comes to FinTech applications.
Ref: NY Business Journal | Intl. Business Times | FTF