Symbiont, a blockchain and distributed ledger technology provider, issued the first Smart Securities on the Bitcoin blockchain.
Symbiont is developing a platform that allows financial market participants to create programmable versions of traditional securities that take the form of Smart Securities: self-executing digital contracts that are stored in a distributed ledger called a blockchain. The platform will allow users to issue, manage, locate, and trade securities efficiently in a single, global, peer-to-peer financial network.
Symbionts live platform allows institutions and investors to issue, manage, trade, clear, settle and transfer a range of financial instruments on decentralized and distributed peer-to-peer financial networks that are cryptographically secured.
The Symbiont solution aims to transform the way that security issuance, management, trading, and clearing and settlement take place within global capital markets. Generically known as smart contracts, these instruments are programmable versions of traditional securities issued on any type of distributed ledger, such as a blockchain. Once a security is issued onto the ledger, it acts autonomously, eliminating traditionally manual mid- and back-office functions, according to a press statement.
Said Mark Smith, CEO and co-founder of Symbiont, With interest in distributed ledger technology growing rapidly, financial institutions are exploring how to leverage it to improve the efficiency and security of trading and processing financial transactions. Smart Securities will ultimately change the way that financial instruments are issued, managed, and traded.
Symbiont was formed as a combination of MathMoney (fx) and Counterparty, a Bitcoin 2.0 project, which was founded in 2013.
