Global Debt Registry (GDR), a fintech company based in Delaware, has announced the completion of a secure permissioned blockchain proof-of-concept (POC).
In its official release, the company explained that the inaugural blockchain POC lays the groundwork to provide online investors and senior lenders with a safe and secure way to confirm loan ownership and collateral interests across companies within the ecosystem. It provides investors with an immutable audit trail and a single, consistent source of core loan data, allowing them to manage underlying loan data more confidently and ensure proper validation of their loan portfolios.
“We are excited to be driving the technological innovation of blockchain, bringing new value to the world of online lending,” said Charlie Moore, President, GDR. “By harnessing blockchain capabilities and applying them to our collateral pledge management and asset validation tools, we are able to deliver new levels of confidence and certitude to our partners in the investor ecosystem.”
GDR worked with three leading blockchain platforms while developing the blockchain POC. These include Hyperledger, Ethereum, and Chain.
In addition, the firm has also been participating in strategy development with the Wall Street Blockchain Alliance and Structured Finance Industry Group (SFIG) Blockchain Task Force – two organizations committed to increasing industry adoption of distributed ledger technology across financial markets.
“We see the real value of blockchain, and it’s much more than a buzzword or an industry trend,” said Robert Brown, Chief Technology Officer, GDR. “Blockchain technology is ideally suited to the set of solutions we offer clients – it enables our clients to have an immutable, consistent view of the state of a loan across its entire lifetime, thereby increasing trust and certainty around lending activity. As blockchain technology matures and standards are created, we look forward to playing a lead role to represent the investment community in this new asset class and enable future value creation through the use of smart contracts.”
Founded in 2005, GDR is backed by a $5 billion private equity firm and is led by a team of senior executives from Thomson Reuters, Credit Suisse, Bank of America, and Barclays. Its suite of digital due diligence solutions offers digital lenders, investors, and senior lenders real loan validation and protection of ownership and collateral position.
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