The race to the bottom for investment costs just got put on steroids by the blockchain.
Trade.io has developed a semi-decentralized application that can verify data regarding investment trades on a blockchain. It’s expected to be released Jan. 29.
The application ensures that the data provided by brokers has not been changed and is 100% transparent to investors. In turn, investors and companies will save money on fees usually charged by third parties to ensure trade data is accurate.
Called Blockchain Trade Verification (BTV), the application can be displayed to investors by way of a proprietary dashboard.
“We feel BTV provides the trader the visibility needed to ensure their trades are being executed at fair prices and not being unfairly slipped, and provides the broker with a value add to its clients,” said trade.io CEO Jim Preissler.
“We’re pleased to be the first to market with such a solution that demonstrates the power of the blockchain across all asset classes.
“It’s a testament to the hard work that our blockchain development team and data architects have put in over the past 6 months to make BTV a reality,” he said.
The application can run trade data for any asset class and trading platform. With respect to the actual technology, the application uses the IPFS and Ethereum blockchain smart contracts to ensure that the data is reliable and current.
Any broker, including crypto, forex, and equities brokers, can provide their clients with this software, the company states.
The BTV application will be initially used by UK-based Primus Capital Markets UK Ltd and Cyprus-based Primus Global, according to trade.io.
Additional BTV application licenses will be issued to interested brokers in the future.
Although a young company, trade.io has a history of offering transparency to both investors and brokers alike.
Recently, trade.io partnered with Civic, an innovator in blockchain-based identity verification. The partnership allows trade.io to utilize Civic’s identity verification services within the trade.io trading system.
The identity verification services improve the overall user experience while also increasing both security and privacy.