Gartland & Mellina (GMG), a management consulting firm focused on the financial services industry, has announced that it has filed a provisional patent application to develop unique, holistic, blockchain solutions for the financial services industry.

GMG says that it has been involved in the research and development of this new blockchain technology application to better approach future client and industry needs.

"By understanding the current utilization of blockchain as used in cryptocurrencies, we identified the core challenges involved in applying the technology to the financial services industry as a whole. By resolving these challenges, we were able to design a unique, holistic set of blockchain solutions for the whole industry that is product, transaction and functionally agnostic”, said Paul Dowding, GMG's Managing Director and Blockchain Solutions Lead in the Financial Services Strategy and Solutions Practice.

The company says that the solution solves the core challenges of applying blockchain technology to the financial services industry by offering flexibility for coding and control; scalability & volume; anonymity and integrity; suitable blockchain methodology; contingent, transaction legs; financing & liability-driven assets; non-ledger referenced transactions; interface with current markets; interoperability; and current regulatory, risk, credit, custody, performance & accounting reporting.

"Our patents include a generic mechanism to translate financial services transactions into the blockchain's simple logic and secure code," Dowding continued. "Benefits include significant cost reduction, near-real-time settlements, new business, product and revenue opportunities and process, and balance sheet and capital efficiencies."

GMG further said that the “revolutionary” design and approach helps it in overcoming a number of challenges facing the financial services industry today. It addresses growing industry needs for superior security, enhanced data acquisition, quicker transaction times, scalability, and lower costs. 

“Our holistic, product-agnostic approach to blockchain is very different from the other publicized solutions within the financial services industry at this time”, said John Gustav, Partner of Financial Services Strategy and Solutions at GMG.

The company is currently in discussion with different parties to leverage and develop blockchain capabilities as a utility.