What is Axlacor's new blockchain technology breakthrough?

According to a foreign media report, a London-based financial technology development company called Axlacor has claimed to have made a major breakthrough in blockchain technology - the NEON system, which can create a secure universal order, transaction bookkeeping and settlement system. The company claims that this system has the ability to process millions of transactions per second.

Axlacor said the advancement meets an increasingly pressing need among banks and financial institutions as they seek more efficient, cost-effective and versatile IT systems than are currently available.

Axlacor's NEON is reportedly an innovative system that allows banks and other financial institutions to replace existing internal bookkeeping systems, with detailed post-compliance requirements being integrated into other existing IT operations in a specific format.

According to Axlacor, the main focus of the new product is to analyze and detect rogue transactions within the bank on both old and new systems. Michael Kunstel, founder and CEO of Axlacor, also claimed that if an integrated system like NEON had been available a few years earlier, the Libor scandal would not have occurred, because NEON enables users to process millions of transactions per second and allows broad, secure access, and compliance and regulatory departments can also analyze in real time. This allows "rogue transactions" to be identified very quickly, both internally and externally.

According to the report, Kunstel was previously an architect and team leader for a large international bank, responsible for pre-, post- and transaction cost analysis systems. He also designed and built a global foreign exchange options risk system for another bank. Everyone on the Axlacor team has a deep understanding of investment banks and their IT. With experience in compliance and regulatory requirements, the Axlacor team has mastered the business logic and detailed requirements of modern banking systems.

The report also lists nine major features of the NEON system:

1. It fully exploits the innovative peer-to-peer/distributed accounting technology of blockchain, which can store, process and analyze many types of professional data within the bank;

2. It can replace the bank’s bookkeeping, regulatory and compliance systems into one package;

3. It contains business logic and is intended to replace the bank’s existing legacy system;

4. It can meet many detailed requirements of the existing banking system;

5. “Cross-asset” – it can be used for equities, foreign exchange, commodities, fixed income products and others;

6. It can support millions of transactions per second;

7. Built-in multi-layer banking security level;

8. It provides selective sharing, including secret data blocked by China;

9. It includes systems for improving detection of rogue trading behavior;

Axlacor claims it could save millions of dollars by replacing numerous redundant legacy systems with a single software package using the latest technology.

Axlacor also said it had brought in the most professional banking IT experts in Europe with the goal of establishing a banking federation to support the construction of a standardized universal replacement system.

Editor's note: The concept of blockchain has become very popular. It is inevitable that there will be some projects in the market that are hyped up but actually have no product. Readers need to distinguish them on their own.

Original article: http://www.prnewswire.co.uk/news-releases/axlacor-achieves-blockchain-technology-breakthrough-with-neontm-system-559311191.html
Translator: gsj
Editor: printemps
Source: Babbitt Information