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Project with a payment services company announcement update

Insolar | 11.20| 22

Insolar’s latest project with a US Fortune Global 500 payment services company is in the final stages of its pilot.

Due to the difficult circumstances of this year, piloting of the project was pushed back several times. Consequently, the planned announcement has also suffered delays.

On account of the pandemic, it is unclear whether the project will go into production. Moreover, our other projects with various other companies have also been put on hold due to the current situation, in which companies are reducing their budgets for innovative projects and focusing more on the optimization of their integral operations.

Although we are unable to make an official announcement, we are able to give some insight into what the project is about.

Assured Ledger: privacy-preserving and scalable DLT

Insolar is providing its distributed ledger platform as the architecture for a new type of peer-to-peer financial services product. The product itself has integrations to numerous parties and is designed to better service the underbanked consumers in developing countries.

Our distributed ledger technology was chosen as the platform for the solution because of its scalability, in addition to its immutable data logging and the ability to support configurable privacy.

Like many projects, the objective of this collaboration is a solution that meets the need of the target market and business party alike. Insolar’s collaboration as part of this project has helped us to evolve our own distributed ledger platform and services for a variety of other consumer and business needs.

While we would love to share more information about the project, the strict non-disclosure agreement with our client doesn’t allow us to do this at the moment.

Stay tuned for the official announcement.

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