Blockchain data reconciliation

Streamline your operations, reduce costs, and enhance development opportunities through sustainable practices. Capital markets increasingly demand meaningful action on energy transition, and the pandemic has forced the oil and gas industry to invent new ways of working with lightning speed. This has indeed succeeded thanks to virtually no widespread interruptions in energy supply throughout the pandemic. Blockchain will accelerate the implementation of digital capabilities and fully capture their impacts. The Energy sector relies on joint operations, but the challenges around the sharing of data can result in misinformation and unnecessary delays. With multiple layers of cryptography, providing data integrity through decentralization and yet maintaining enterprise oversight, MARCO allows stakeholders to securely share data.

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Blockchain data reconciliation

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Content:

• Blockchain could save investment banks up to $12 billion a year: Accenture
• Solving the reconciliation challenge!
• Graphene: A New Protocol for Block Propagation Using Set Reconciliation
• How blockchain can solve healthcare's data reconciliation problem
• Blockchain powered solution for Reconciliation
• SmartStream Adds AI to Reconciliation Platform
• BANK RECONCILIATIOn
• Italian bankers test reconciliation blockchain with a year’s transactions

WATCH RELATED VIDEO: Build 2017 How Azure and Blockchain solved Webjet's Reconciliation Challenge

Blockchain could save investment banks up to $12 billion a year: Accenture

This application claims the benefit of U. Provisional Patent Application No. This disclosure generally relates to distributed ledgers or blockchain-based systems. There is a need for a blockchain-based ecosystem developed for transparency, not anonymity, which is the hallmark of most blockchain solutions. In some embodiments, a method is provided for use in a hybrid network ecosystem comprising an enterprise network and a reconciliation network, the method comprising: generating, by at least one first computing node in the enterprise network or the reconciliation network, a first digital facilitator, wherein the first digital facilitator provides one or more parameters for accessing or distributing data on a distributed ledger in the enterprise network, wherein a private key is used for performing a computing operation, based on the data, in the enterprise network; and generating, by the at least one first computing node in the enterprise network or the reconciliation network or at least one second computing node in the enterprise network or the reconciliation network, a second digital facilitator, wherein the second digital facilitator provides the one or more parameters for accessing or distributing the data in the reconciliation network.

In some embodiments, the computing operation comprises a distributed ledger-based computing operation. In some embodiments, the first digital facilitator comprises an issuance digital facilitator. In some embodiments, the second digital facilitator comprises a reconciliation digital facilitator. In some embodiments, the one or more parameters comprises time-based parameters, geographical or network location-based parameters, identity-based parameters, or amount-based parameters. In some embodiments, the method further comprises preventing unauthorized access to the data in the enterprise network or the reconciliation network.

The method of claim 6 , wherein the unauthorized access is determined based on a private key provided for gaining access to the data. In some embodiments, the computing operation comprises a digital token-based computing operation.

In some embodiments, the first digital facilitator or the second digital facilitator is used to generate a digital token, wherein the digital token enables the computing operation. In some embodiments, the computing operation comprises an asset-transferring computing operation.

In some embodiments, the at least one first computing node or the at least one second computing node comprises an artificially intelligent computing node. In some embodiments, the at least one first computing node or the at least one second computing node executes a machine learning operation.

In some embodiments, the distributed ledger is associated with a blockchain system. In some embodiments, a method is provided for use in a hybrid network ecosystem comprising an enterprise network and a reconciliation network, the method comprising: generating, by at least one first computing node in the enterprise network or the reconciliation network, a first digital facilitator, wherein the first digital facilitator enables a first device to use a private key to access data associated with a distributed ledger transaction; and transmitting, via the reconciliation network, the data from the first computing device to a second computing device, wherein the first computing device and the second computing device are connected via the reconciliation network.

In some embodiments, the second device is or is not part of the enterprise network. In some embodiments, the data associated with the distributed ledger transaction is transparent to the second computing device. In some embodiments, the method further comprises generating, by the at least one first computing node in the enterprise network or the reconciliation network or at least one second computing node in the enterprise network or the reconciliation network, an issuance digital facilitator, wherein reconciliation information associated with the issuance digital facilitator is extracted or received by the first computing device, wherein the reconciliation information associated with the issuance digital facilitator sets parameters for the distributed ledger transaction.

In some embodiments, the identification information enables tracking of information associated with the one or more distributed ledger-based computing transactions in the enterprise network or the reconciliation network. In some embodiments, any transaction or computing operation or network token does not need to be backed by an asset. Therefore, any transaction or computing operation or network token described as being asset-backed may not be asset-backed in some embodiments.

In some embodiments, the method further comprises providing a digital wallet to a computing device associated with the first computing node or the second computing node, the digital wallet enabling initiation of the transaction between the first computing node and the second computing node.

As used herein, a wallet may refer to any type of digital storage or repository. In some embodiments, the digital wallet enables generation of a code for use in initiating the transaction between the first computing node and the second computing node.

In some embodiments, the code comprises a QR code. Alternatively, the code may be any other type of code. In some embodiments, the transaction between the first computing node and the second computing node comprises a wireless transaction. In some embodiments, the digital wallet provides a dashboard for enabling viewing information associated with the reconciling. In some embodiments, the method further comprises generating at least one instance of the reconciliation.

In some embodiments, the method further comprises storing the at least one instance of the reconciliation in a local database associated with the enterprise network. In some embodiments, the method further comprises storing the at least one instance of the reconciliation in a local database associated with the reconciliation network.

In some embodiments, the method further comprises transmitting the at least one instance of the reconciliation to one or more nodes located inside or outside of at least one of the enterprise network or the reconciliation network. In some embodiments, the reconciliation network comprises a token-issuing or token-generating network.

In some embodiments, the at least one computing node in the reconciliation network comprises an intelligent computing node. In some embodiments, at least one of the first computing node or the second computing node comprises at least one of a mobile computing device or a non-mobile computing device. In some embodiments, a key associated with at least one of the network token, the generation of the network token, the generation of the digital contract, the transfer of the network token, or the reconciliation of the network token is at least one of recoverable, traceable, storable, or transmittable to at least one entity.

In some embodiments, information associated with at least one of the network token, the generation of the network token, the generation of the digital contract, the transfer of the network token, or the reconciliation of the network token is at least one of recoverable, traceable, storable, or transmittable to at least one entity.

In some embodiments, the digital facilitator comprises computing protocol. In some embodiments, the digital facilitator comprises computing protocol customized for at least one of the enterprise network or the reconciliation network. In some embodiments, the digital facilitator comprises digital verification information.

In some embodiments, the method further comprises compiling data associated with the distributed ledger. In some embodiments, the method further comprises compiling data associated with the processing or reconciling step into a smart contract, wherein the smart contract is stored across the distributed ledger. In some embodiments, the method further comprises coding data associated with the processing or reconciling step into a smart contract, wherein the smart contract is stored across the distributed ledger.

In some embodiments, the method further comprises using an artificial intelligence AI engine to process the coded data. In some embodiments, AI can be used to process any data or transactions described herein. In some embodiments, the method further comprises coding data associated with the processing or reconciling step into a digital facilitator, wherein the smart contract is stored across the digital facilitator.

In some embodiments, the method further comprises generating, by the at least one computing node in the reconciliation network or the enterprise network, a digital facilitator associated with at least one of the network token, the generation of the network token, or an exchange computing transaction based on the network token, the digital facilitator enabling the user to recover the physical asset in exchange for the computing transaction based on the network token.

In some embodiments, the physical asset is based on a real-time comparison of the network token with a reference physical asset or a reference digital asset. In some embodiments, the physical asset is based on a real-time comparison of the physical asset with a reference physical asset or a reference digital asset. The disclosure is illustrated by way of example, and not by way of limitation in the figures of the accompanying drawings in which like reference numerals are used to refer to similar elements.

It is emphasized that various features may not be drawn to scale and the dimensions of various features may be arbitrarily increased or reduced for clarity of discussion. Further, some components may be omitted in certain figures for clarity of discussion. The hybrid system may comprise an enterprise ecosystem or enterprise network. Alternatively or additionally, the hybrid system may further comprise a node, an endpoint, a user, an endpoint computing device, a local or remote user terminal, a mobile computing device such as a mobile phone or tablet, a wearable device, etc.

The enterprise network may include one or more computing nodes associated with token transaction initiators or receivers associated with an entity or a product, which can be a digital or physical product associated with the entity. In some embodiments, one of the nodes in the reconciliation network may be associated with or comprise an exchange or an exchange computer server.

The location may alternatively or additionally be a network location. In some embodiments, the enterprise network and the reconciliation network may be a single network. Smart contracts e. In some embodiments, a digital asset or token to physical asset bridge is provided. In some embodiments, a user or computing node in a jurisdiction may not have or be associated with a physical asset enabling the user to conduct computing transactions in the jurisdiction or location.

The user may interact e. The quantity of physical assets provided to the user may be based on a substantially real-time conversion of the tokens to jurisdiction-specific physical assets e. The schematic diagram shows exemplary steps. In some embodiments, a physical asset is deposited in a secure storage area e. The exchange computer server may generate and issue smart contracts or other digital facilitators for use in transactions e.

In some embodiments, confirmation of issuance of the digital asset or token is provided on a distributed ledger system or blockchain. In some embodiments, a first digital asset or token instead of a physical asset is deposited in a secure storage e. In some embodiments, the reconciliation network may include a remittance network.

Any reconciliation process described herein may include remittance as well. In some embodiments, a blockchain network ecosystem is provided. A first user may use a transaction key associated with the blockchain network ecosystem to perform a first transaction e. A second user may use the same transaction key or another transaction key associated with the blockchain network ecosystem to perform a second transaction e.

The first transaction and the second transaction may comprise one or more parts of the same transaction. In some embodiments, a filter may be provided in the blockchain network ecosystem in the form of a smart contract. A computing environment see FIG.

The various units may be implemented entirely in hardware, entirely in software, or in a combination of hardware and software. Some of the units may be optional.

Any software described herein may be specially purposed software for performing a particular function. In some embodiments, hardware may also be specially purposed hardware for performing some particular functions.

The chipset may have hardware for supporting connections in the computing environment and connections made to external systems from the computing environment. Some of the units may be comprised in other units. Additionally, some of the units may be optional. Additionally, one or more units may be coupled or connected e. In some embodiments, the processor may refer to any microprocessor, such as a specially purposed microprocessor. In some embodiments, the processor may refer to any type of processor, including a digital processor, an analog processor, a mixed analog-digital processor, etc.

In some embodiments, the processor s may be specifically designed for use in or associated with distributed ledger systems, blockchain systems, etc.

As described herein, any unit may be utilized to perform any methods described herein. In some embodiments, the computing environment may not be a generic computing system, but instead may include customized units designed to perform the various methods described herein. In some embodiments, the processor may include one or more other units, which may be operably coupled to each other.

In some embodiments, the location determination may be located in the processor. Accordingly, the resource allocator may be configured to manage the allocation of various computing resources as they are required by particular units of the computing environment. In some embodiments, the resource allocator may utilize computing resources of a second computing environment separate and distinct from the computing environment to facilitate a desired operation.

Therefore, in some embodiments any processor may be referred to as a load-balancing processor. Any apparatus described herein may be referred to as load-balancing apparatus or server. The term load-balancing may refer to allocation of computing resources to the various units of the computing environment.

Solving the reconciliation challenge!

Blockchain is transforming everything from payments transactions to how money is raised in the private market. Will the traditional banking industry embrace this technology or be replaced by it? Blockchain technology has received a lot of attention over the last decade, propelling beyond the praise of niche Bitcoin fanatics and into the mainstream conversation of banking experts and investors. Someone is going to get killed. It is a vehicle to perpetrate fraud.

Graphene: A New Protocol for Block Propagation Using Set Reconciliation

By submitting this form, I accept the Telindus Personal data protection policy. Upload: Parties can upload their reconciliation data in various formants into a permissioned blockchain on secured ledgers. Participants are identified and their respective positions are visible to all authorized parties. Consenus: Mismatches are flagged and visible to the participants. A maximum of breaks are either resolved automatically or with Decision-Support. The remaining are resolved in a collaborative manner. Actions are immediate, observable traceable. RecoChain enables a transparent, collaborative and fast matching that can be integrated into defined sections of the value chain.

How blockchain can solve healthcare's data reconciliation problem

Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. In Italy it is fully operational the Italian banking sector blockchain.

Blockchain powered solution for Reconciliation

This link takes you to an external website or app, which may have different privacy and security policies than U. We don't own or control the products, services or content found there. End of pop up window. Press escape to close or press tab to navigate to available options. Companies across the world are racing to research and test this emerging financial technology, creating an opportunity for disruptive change in several industries.

SmartStream Adds AI to Reconciliation Platform

Solving the reconciliation challenge through our contract technology. Our technology manages your business processes and eliminates data reconciliation through a fully interoperable Single Source of Truth and transaction lifecycle platform. We turn contractual processes into software, transforming contracts into machine-processable form. This empowers multiple user networks — distributed ledger technology, blockchain or central user networks to collaborate securely and efficiently. Deon Digital enables complex, high-volume transactions to scale.

BANK RECONCILIATIOn

When technology is baked into a device, we rarely give it much thought. We buy a smartphone for its utility — not its operating system. Sometimes a new technology dramatically changes how everyone does things; the Internet is a good example. Some plausibly great innovations, such as 3D television, just never gain traction.

Italian bankers test reconciliation blockchain with a year’s transactions

RELATED VIDEO: Accounting and Reconciliation in Blockchains

Openlink solutions work best when coupled with our world-class professional services team. Let us help you get the most from Openlink — before, during and after implementation. As Bitcoin has gained popularity, Blockchain has received a lot of interest, too. In particular, the potential for Blockchain in finance and energy industries has garnered much attention. It is important to make the distinction, however, between Blockchain as a cryptocurrency platform and Blockchain as a secure public database. The former denotes currencies that are distributed on a Blockchain and validated by the peer-to-peer network.

This topic assumes an understanding of the conceptual material in the documentation on private data. A collection definition contains one or more collections, each having a policy definition listing the organizations in the collection, as well as properties used to control dissemination of private data at endorsement time and, optionally, whether the data will be purged. Beginning with the Fabric chaincode lifecycle introduced with Fabric v2. The collection is approved by channel members, and then deployed when the chaincode definition is committed to the channel. The collection file needs to be the same for all channel members.

The Treasury Department is looking to add more crypto reporting requirements in the reconciliation bill. However, the amendment to the bill couldn't pass, and the original bill is now in the House, which adopted a rule to vote on the package next month that keeps it closed to amendments to avoid having to send it back through the Senate. Toomey, R-Pa. Tom Emmer, R-Minn.