Market Problem
Data is at the core of today’s financial institutions. As such, firms critically need on-demand data access from various sources. Organizations need a better way to automatically share accurate data without the need for direct one-to-one engagement with proprietary integrations or central parties.
Symbiont's Blockchain Solution
Symbiont delivers blockchain-enabled networks that connect data providers and consumers. The decentralized network, underpinned by Symbiont Assembly™, allows parties to share accurate, auditable data in real-time.
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Decentralized database shared by independent parties: Designed to model and automate complex multi-party workflows
Our Key Solutions:
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Unified and evolving protocol: Allows for
data distribution, entitlement control, subscription/licensing, error corrections, derivative data product creation and other workflow management capabilities
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Permissioned blockchain: Creates an ecosystem for secure and real-time data sharing
How it works: Inside the Index Data network
Symbiont Assembly powers a live index data network that expedites data delivery,
eliminates the need for manual updates and reduces risks.
Symbiont Assembly™ for Data Management
Existing index data generation systems transmit data to a node hosted by the index provider. Once data is submitted, automated data validation checks are applied using smart contracts.
Node hosted by index data provider
The data is then encrypted, written to the log on the node hosted by the index data provider and shared with all nodes on the network in real-time. Only nodes managed by data consumers with relevant data licenses will have the decryption keys needed to access a given dataset.
Node hosted by index data consumer
Once the data consumer decrypts the index data, it passes the data into downstream systems.
Features and Benefits
Efficiency
One-time integration with real-time access to multiparty updates, changes and corrections
Accuracy
Platform validations, structured data standardization and normalization and error corrections and restatements
Access
On-network service and data synced on client infrastructure
Security
Provides managed privacy/entitlement control and signed & authenticated data
Cost savings
Reduced operational burden
Index Data in Production
Vanguard leverages Symbiont Assembly to manage over $1.6 trillion worth of index funds. A leading asset manager with $7.2 trillion assets under management, Vanguard is a pioneer in the blockchain space and one of the first companies to use this cutting-edge technology in production. Delivering index data via Assembly™ expedites back office workflows, eliminates the need for manual updates and reduces risks. Vanguard accesses the most up-to-date and accurate index data from the
Center for Research in Security Prices (CRSP),
which enables portfolio managers to execute trades earlier, increases capital markets transparency and automates laborious processes. With blockchain technology, CRSP has a unified mechanism to easily manage access controls and data distribution, supporting new and existing commercial models, as well as the ability to share corrections and updates with clients simultaneously, consistently and free
of errors.