Symbiont is a blockchain technology that promises to bridge the gap between the world of blockchain and the world of Wall Street. Here’s our Symbiont.io review.
What Is Symbiont?
Symbiont is a company developing a series of technologies that aims to connect blockchain technology with Wall Street. The company’s first product is called Smart Securities, or Smart Security. That technology, in the words of Symbiont.io, “allows complex financial instruments to be modeled in an easy to understand programming language and fully digitized onto a distributed ledger.”
The technology is designed to replace the error-prone, manual processes that dominate many markets today. Using blockchain technology, Symbiont promises to digitize and automate these processes.
Specifically, Symbiont’s Smart Securities provides a simple interface for specifying the terms and conditions when issuing smart securities, while also allowing integration with market data feeds.
In addition to Smart Securities, Symbiont has its own Assembly blockchain. The company is exploring ways to implement blockchain technology to improve a wide variety of industries and financial products, including the following areas:
- Asset Digitization
- Corporate Debt
- Private Equity and Crowdfunding
- Syndicated and Corporate Loans
Overall, Symbiont’s Smart Securities and other technologies are designed to bridge the gap between the emerging world of blockchain and Wall Street.
Symbiont is based in New York City. The company was founded in 2015.
How Does Symbiont Smart Security Work?
Symbiont’s Smart Securities technology aims to make Wall Street trading processes more efficient. Symbiont’s Smart Securities are self-enforcing, self-executing smart contracts that reduce the time and cost of managing assets and transactions compared with traditional systems.
Wall Street firms can use Smart Securities to access a simple interface. They input terms and conditions into this interface when issuing Smart Securities, while also integrating market data feeds. The end result is a more efficient, clearer, more transparent securities environment.
Symbiont Smart Securities Features
Some of the core features of Symbiont’s Smart Securities include:
Share and distribute ledger statuses and updates among a closed or open group of participants, securely and instantly.
Firms can automate the complex, manual processes that still control Wall Street today, minimizing the high costs associated with financial transactions.
Enables the full instrument life cycle to be fully digitized and cryptographically verifiable. Instead of manual entering data for each financial instrument in a slow, error-prone process, firms can rely on the immutable automation of blockchain technology.
Support electronic issuance, allocation, trading, and corporate actions without having to trust and depend on a single partner or technology vendor.
Symbiont’s Smart Securities allows all instrument states and history to be viewable in real time by authorized participants. This allows for immediate feedback, making planning and operations easier and more efficient.
Symbiont’s Smart Security technology runs separately from the underlying network. Symbiont has designed their technology to run “on virtually any blockchain or distributed ledger system.”
Symbiont’s Assembly Blockchain
In 2016, Symbiont unveiled its blockchain called Assembly. That blockchain, like most other blockchains, promised to be fast, reliable, and secure. At launch, the blockchain was already being implemented in Symbiont’s major partners, including Credit Suisse and the State of Delaware.
The blockchain is capable of processing 87,000 transactions per second during a live test on four nodes. Symbiont claims that the blockchain is capable of processing transactions at more than 10,000 times the speed of the bitcoin blockchain.
The Assembly blockchain was built to support Symbiont’s smart contract system. However, that smart contract system can also be deployed on a variety of blockchains – including Hyperledger and Ethereum.
In terms of implementing Symbiont’s Assembly blockchain into a business, the blockchain is managed by Symbiont’s clients. Those clients pay a fee to license the software, giving them access to a private, immutable network of distributed nodes. The blockchain is powered by the BFT Smart consensus algorithm.
In addition, Assembly generates revenue by charging additional fees when creating new investment vehicles. Ultimately, that makes Symbiont more of a gate-keeper. As Coindesk summed it up back in 2016,
“The fee-based business model is designed to relegate Symbiont to the role of a gate-keeper that protects the on-ramp to the system and ensures only regulated users participate.”
Symbiont is a New York City-based blockchain technology company founded in 2015. Since being founded, the company has made headlines for attracting major clients – including Credit Suisse, Goldman Sachs, Ipreo (a Blackstone subsidiary), and the State of Delaware.
Other clients include digital security company Gemalto, with which Symbiont partnered to employ their SafeNet hardware security modules, allowing Symbiont to cryptographically secure data on their platforms. Another venture with Synaps Loans aims to apply Symbiont’s blockchain technology to America’s $4.7 trillion global syndicated loans market, where settlement periods are around twenty days.
In May 2017, it was announced that Chinese software giant Hundsun had invested an undisclosed amount of money into Symbiont. Hundsun is backed by Jack Ma, the founder of e-commerce giant Alibaba.
Symbiont is a major player in the world of corporate blockchain technology. The company is seeking to implement its Assembly blockchain, smart contract system, and Smart Security platform into some of today’s largest financial organizations. Clients so far include Goldman Sachs and Credit Suisse, as well as the State of Delaware.
Symbiont’s technology could have wide-ranging effects across America’s financial industry. The technology is being explored for use in syndicated and corporate loans, for example, as well as in private equity and crowdfunding, corporate debt, and asset digitization. In all of these areas, Symbiont believes its technology can lead to a faster, more cost-effective solution than the slow, manual, error-prone solutions Wall Street continues to use today.
To learn more about Symbiont, visit the New York City-based company online today at Symbiont.io.