This change opens a new chapter of IZNES’s story. It sets another milestone for IZNES to pursue its growth and develop new services. It serves its ambition as the leading blockchain-based marketplace for funds. - Bruno Prigent, Board Chairman.
PARIS (PRWEB) November 09, 2022
IZNES, the leading blockchain-based marketplace for funds, has chosen Hyperledger Fabric as its new Blockchain to power all its distributed ledger technologies (DLT) solutions.
Created in 2017 by a group of renowned asset management companies in Europe and up and running since March 2019, IZNES has been the first marketplace for transacting fund units on blockchain.
With over 7€ billion in assets under registry, and growing by the day, IZNES made a seminal commitment to asset management companies and institutional investors to bring to them a unified solution to optimize their operations while reducing costs. “With that goal in mind, we decided that we needed a more robust, private and permissioned blockchain to support the growing activity on the marketplace as we enter our scale-up phase” says Christophe Lepitre, IZNES CEO.
Hyperledger Fabric guarantees the highest level of security, confidentiality, and resilience needed for regulated investment company such as IZNES. Fabric networks are permissioned, meaning all participating member’s identities are known and authenticated. This benefit is particularly useful in industries including finance, banking, and insurance where data cannot be exposed to unknown entities.
IZNES was previously running on a private licensed version of a closed source blockchain. Jean-Robert Hervy, managing director and Chief Product Officer at IZNES, states that “Migrating to Hyperledger Fabric, which is open-source software, gives IZNES greater flexibility to create our own smart contracts for current and future financial products of the platform; all the while allowing IZNES to retain full control and ownership over the blockchain and software architecture.”
IZNES has chosen Amazon Web Services (AWS) and TechMahindra for this transition. The Amazon Managed Blockchain (AMB) service was retained by IZNES to host and maintain its DLT, while TechMahindra assisted the IZNES Tech team with the migration of legacy middleware and historical data.
Bhavesh Senedhun, Chief Technology Officer and overseer of the blockchain migration, indicated that the transition, performed a couple of weeks ago, went through smoothly and seamlessly.
Bruno Prigent, chairman of the board, comments: “This change opens a new chapter of IZNES’s story. It sets another milestone for IZNES to pursue its growth and develop new services. It serves its ambition as the leading blockchain-based marketplace for funds”.
IZNES is the first European blockchain-based fund marketplace. IZNES offers a disruptive alternative to traditional channels and allows asset owners to subscribe directly to all types of French, Luxembourg, and Irish funds from asset managers. The use of IZNES's blockchain technology, improves operational efficiency, reduces costs, and offers institutional investors and asset managers an optimal level of security and IT resilience. IZNES is a regulated investment company supervised by the ACPR and the AMF; IZNES’s license has been extended to Luxembourg and Ireland. Website: http://www.iznes.com