BNY Mellon’s Digital Assets Platform Gets a New Upgrade: On- and Off-Chain Accounting Data for Blockchain Networks
BNY Mellon, the oldest bank in the United States, continues to prove that it’s not just about history but also about innovation. Recently, they announced an expansion of their digital assets platform with the launch of a new tool. This tool is designed to deliver both on- and off-chain accounting data to blockchain networks.
What Does This Mean for BNY Mellon’s Digital Assets Platform?
Let’s break it down. The digital assets platform is where BNY Mellon manages, securities, and records digital assets like cryptocurrencies on behalf of its clients. With this new upgrade, the platform will be able to provide more comprehensive and accurate data to the blockchain networks. This, in turn, will lead to improved transparency and efficiency in transactions.
But, How Does It Work?
The new tool uses a technique called “reconciliation.” Reconciliation is the process of comparing two sets of records to ensure they match. In this case, the tool compares the on-chain data (data recorded on the blockchain) with the off-chain data (data recorded off the blockchain, like in BNY Mellon’s internal systems). By doing this, it can identify any discrepancies and provide a more complete and accurate picture of the digital asset transactions.
So, What’s in It for Me?
As a user of BNY Mellon’s digital assets platform, this means you can have more confidence in the accuracy of your transaction records. It also means that you’ll have access to more detailed information about your digital assets. This could be particularly useful for investors who want to keep a close eye on their portfolio.
And, What About the World?
The impact on the world goes beyond individual users. This new tool could lead to increased adoption of digital assets by institutional investors. With more accurate and transparent data, these investors may feel more comfortable investing in digital assets. This could help to bring digital assets further into the mainstream.
wrapping it up
BNY Mellon’s expansion of its digital assets platform with the new tool is a step forward in the world of digital assets. It provides more comprehensive and accurate data to blockchain networks, leading to improved transparency and efficiency in transactions. For individual users, this means more confidence in the accuracy of their transaction records and access to more detailed information about their digital assets. For the world, it could lead to increased adoption of digital assets by institutional investors, bringing digital assets further into the mainstream.
- BNY Mellon’s digital assets platform gets an upgrade
- New tool delivers on- and off-chain accounting data to blockchain networks
- Improved transparency and efficiency in transactions
- More confidence in accuracy of transaction records for individual users
- Potential for increased adoption of digital assets by institutional investors
And who knew that a bank could be so…tech-savvy?
