PeerNova: Unleashing the Power of Blockchain in Finance

Banking and financial institutions perform millions of transactions that are powered by legacy systems, rigid databases, and other job-specific software applications. As financial trades are executed between a buyer and a seller, there are various players like broker/dealers, stock exchanges, clearinghouses and other third party institutions that facilitate the eventual clearance and settlement of the trade. As each of these different parties involved in the trade enhance, enrich or transform the transaction data, trade validation is difficult, expensive and process-intensive. All of this needs to be monitored and audited by regulatory authorities as well. Although blockchains and distributed ledger technologies (DLTs) promise to make the data tamper-proof, these technologies are yet to achieve the scale that matches enterprise data volume and velocity. In addition, financial institutions find it difficult to match their existing legacy solutions with these new technologies. Gangesh Ganesan, a serial entrepreneur and technology veteran, set out to address the problem by bringing together the latest technologies in Blockchain, Big Data and Cloud to process billions of transactions transparently. His venture, PeerNova, has developed the industry’s first production-quality, scalable, and immutable ledger with built-in audit capability that helps organizations store, secure, and validate data with enterprise-grade access control. “We understand clients’ existing legacy applications, workflows, and infrastructure and then map their traditional applications to blockchain to secure data and inject transparency into transactions,” states Mr. Ganesan, President, CTO, and Co-founder, PeerNova.

The Cuneiform platform applies data integrity and non-repudiation techniques to large-scale data, and comes with capabilities like provable event lineages, granular security policies, and the ability to redact subsets of confidential data while authenticating the complete transaction(s). Within large financial institutions, hundreds of applications are used at the front, middle, and back office. And these applications generate volumes of data that undergo reconciliation, enrichment, and various other transformations. Using Cuneiform, financial institutions can verify events across multiple institutions, platforms and systems. The platform ingests data from legacy systems and data platforms, records it immutably with minimal latency. The cloud-native solution performs multiple integrity checks on data at rest and data in motion. Clients can create live dashboards and gain insights from cryptographically validated datasets.