AllianceBlock and Hedera Hashgraph Team up to Advance the Future of Finance
New AllianceBlock Decentralized Bridge Is Fully Integrated With The Hedera Consensus Service, Bringing Increased Transparency To Its Audit Trail
AllianceBlock, the first globally compliant decentralized capital market, announced a collaboration with Hedera Hashgraph, the most used enterprise-grade public network for the decentralized economy. Announced at Consensus 2021, the two will join forces to advance the global financial ecosystem through DeFi solutions.
In tandem, AllianceBlock also announced the launch of its latest product, the AllianceBridge. Aimed at further enhancing interoperability and achieving AllianceBlock’s ambition to become blockchain agnostic, the bridge will use the Hedera Consensus Service (HCS), which acts as a trust layer for any application or permissioned network, and allows for the creation of an immutable and verifiable log of messages. Governed by a set of validators, the open source AllianceBridge aims to increase AllianceBlock’s cross-chain capabilities. Applied to the AllianceBridge, HCS plays the important role of synchronizing its validators and increasing transparency due to its unique ability to guarantee the fair ordering of transactions.
In addition, the Hedera Token Service (HTS) will be integrated into AllianceBlock’s Trustless KYC product, a decentralized identity solution, bringing a new compliance layer to the Hedera ecosystem and increasing confidence in DeFi opportunities amongst institutional players.
Rachid Ajaja, CEO and Co-founder of AllianceBlock, said, “Hedera Hashgraph is a leading player in the DLT space, making this a significant step for AllianceBlock in achieving our goal of bridging the gap between decentralized and institutional finance. Truly decentralized financial activities cannot occur without accurate timestamping — that’s where the Hedera Consensus Service comes in. The success of a DeFi ecosystem that encompasses both decentralized and traditional finance hinges on reliable, transparent, and compliant cross-chain capabilities. We look forward to the impact this will have on the future of the global financial ecosystem and its ever increasing interest in decentralized finance and what it has to offer.”
Christian Hasker, CMO of Hedera Hashgraph, said “Bridging the gap between traditional, centralized and decentralized finance can lower costs, limit intermediaries, empower people, and create greater, more equitable access to capital, thereby promoting greater commercial activity. AllianceBlock’s mission is noble and bold, and we are pleased that they are leveraging HCS as the interoperability layer it was designed to be, to increase cross-chain capabilities and continue to usher forward the collaboration between technologies that is necessary for the growth of the entire DeFi ecosystem.”
AllianceBlock has been making significant strides in recent months having now launched a number of products, including its Data Tunnel, Liquidity Mining as a Service, and Decentralized Bridge. The DeFi powerhouse has also sealed a number of high profile partnerships with industry players including Chainlink, Avalanche, Ocean Protocol, Energy Web and GBG, as well as having joined the London Stock Exchange Group’s Partner Platform in early 2021.