Nfq is collaborating with Universidad Politécnica of Madrid in Smart Contracts project
Among the collaboration of both institutions, Nfq developed with Universidad Politécnica de Madrid, a usage demonstrator of Smart Contracts for the financial sector based on BlockChain technology.
Nfq, as a specialised consultant in banking and insurance, and Universidad Politécnica de Madrid as a Distributed protocols and network consensus specialist, are collaborating in BlockChain technology projects applied to the financial sphere.
In 2017, a joint venture was carried out to demonstrate, using case basis, how this technology applies to Smart Contracts construction for financial institutions.
Purpose of the study and Technology Platform
Ethereum was used as a base platform. It’s an open code and decentralised platform that allows the development of distributed application to generating Intelligence Contracts between peers.
The primary goal of that venture was to obtain a minimum design to test correct daily usage of the BlockChain infrastructure in financial institutions.
The chosen format works as follows:
- Each transaction will be constituted by three list
- Each list will be constituted by value key pairs
- The value can refer to data stored in another resource external to the string.
- Proposing an API to register transactions in the aforementioned format.
- Obtaining a transactions trace.
- Performing a load test with the chosen consensus with a reasonable number of nodes (7-9), and obtaining the number of transactions per unit time.
Case of use: Financial Contracts Management Portal
The case study developed was a web server that allows to create new contracts, to list the contracts created, to edit the contracts, and to visualize them.
The portal was developed using node.js and express.js
Reinventing the pairs transaction
For the second half of the year, Nfq and Universidad Politécnica are planning a new collaboration project in the BlockChain development technology field and its applications in the financial market.