BC Gateways launch blockchain-enabled data sharing application

BC Gateways have announced its blockchain-enabled data transferring platform has officially gone live.

The platform is a Shared Source of Truth utility designed to enable the “evolutionary change the industry needs in the face of current headwinds.”

Described as Australia’s first whole of financial services industry blockchain infrastructure specifically designed to allow the volumes of structured and unstructured data to be shared between participants.

Hong Kong-based BC Gateways stated its service differs from most other blockchain infrastructure initiatives that tend to focus on financial transactions.

Arrival of the platform was celebrated with a launch event held in Sydney on 9 April.

Founder of BC Gateways, Andy Hutchings Broso, said: “There are rare moments in time when innovative technology meets the right use case at the right time.

“We believe BC Gateways is perfectly positioned to help the industry realise the full potential of this opportunity and with it, build the primary global utility for data and document distribution across markets.”

According to research conducted by BC Gateways and other financial institutions, data distribution remains fraught with inefficiencies exposing companies and customers to financial, regulatory and commercial risk.

53% of data for underlying funds still comes through via email, 77% of respondents indicated that unlisted unit data cannot be sourced from a single provider, 70% claimed the data was not always completely accurate, with 64% stating that data received often fails to meet time requirements.

In response to these findings, Managing Director of BC Gateways Gordon Little explained: “Now more than ever before, the industry is actively working towards solving issues around data distribution to reduce risk and build processes that really improve consumer outcomes.

“By embracing The Gateway, the Australian industry has the opportunity to leapfrog other countries and position itself as a leader in the smart use of innovative technologies.”

At the launch event, BC Gateways acknowledged its foundation partners for their “commitment to realising the industry wide benefits of harmonised data” that its platform brings to the “disaggregated” wealth industry.

Andy Hutchings Broso added: “The support we’ve received from the Foundation Partners and other key financial services industry participants demonstrates the value the industry places on the solution we have brought to this age-old problem.

“It gives us confidence that the industry is ready to embrace new solutions that yield efficiencies and offer the basis for real change in the way it does business.”