We think about xChain as more than a Blockchain project. For us, it is a collaborative knowledge-sharing platform and a business tool with Blockchain in its DNA. Right from the beginning, our focus was not on the Blockchain technology itself, but on how this technology can help us solve challenges efficiently. We strongly believe that decentralization, collaboration and transparency are essential to improve information and data quality upon which all stakeholders in the financial industry rely to take investment decisions.
The search for truth: xChain, a collaborative platform for Corporate Actions
Before taking investment decisions or advising clients, companies need to have accurate and relevant information. Sergey Udovenko, Senior Solution Designer at SIX, explains in this interview how you can analyze Corporate Actions with xChain, a tool based on crowdsourcing.
What is xChain? What can I do with it?
xChain is an online transparent and collaborative knowledge sharing, validating and learning platform dedicated to Corporate Actions. It relies on crowdsourcing to validate Corporate Actions announcements and to build a community-verified “single version of truth” for Corporate Actions.
xChain was born from Innovation aimed at researching Blockchain use cases. We quickly identified that we can make information and analysis of Corporate Actions more accurate and transparent by using some Blockchain key design patterns. The search for truth is derived from our view that decentralized collaboration – a key Blockchain design pattern – is the way forward to improve transparency and accuracy of information.
Our main goal with xChain is to increase the quality and accessibility of information. We can achieve this by creating a user community which collaborates on all aspects of Corporate Actions. Furthermore, it will reduce the redundant tasks of scrubbing and validating Corporate Actions, therefore enabling organizations to provide better and more efficient services to their clients.
To provide an analogy, while Airbnb creates an online marketplace for travelers, we are enabling companies and individuals with expert knowledge to share their data and information on a common electronic platform with a direct benefit for all participants.
If I understand it correctly, xChain is not a Blockchain project in the traditional sense, but it takes a lot of ideas from Distributed Ledger Technology, doesn’t it?
Which position in a company should take a closer look at xChain and evaluate if it is something useful for “my company”? Is it necessarily the CIO, as xChain is digital?
At xChain, we build with and for users. Therefore, at this stage we collaborate with key Corporate Actions practitioners to develop the ideal platform to implement our vision. To achieve this, we are creating a web-based user interface to ensure the platform can be used throughout the financial industry with no costly IT integration.
To summarize, for now we are seeking to collaborate with Corporate Actions practitioners to fine-tune our platform. Following this, we will collaborate with a broader audience of financial professionals to constantly develop our offering to meet user needs. To be clear, xChain is a business tool and not an IT solution; therefore, the decision to use xChain should be a business decision driven by the need to have accurate and relevant data before taking investment decisions or advising clients.