BlockchainProvenance Launches Decentralized Blockchain for Financial Services

BusinessWire BusinessWireMay 20, 20214 min

Provenance Blockchain Foundation Created to Support Development of DeFi Applications, Hash Available for Purchase on a Decentralized Exchange to Pay Gas Fees

Provenance Blockchain Foundation today announced it has launched a new public, open source, permissionless, decentralized, proof-of-stake blockchain, which is designed and developed to support financial service industry needs by providing a ledger, registry, and exchange across multiple financial assets and markets. The new, public, decentralized Provenance replaces the prior permissioned Provenance blockchain launched in 2018.

Built using Cosmos SDK/Tendermint, the new open-source Provenance reduces the need for third-party intermediation, thus drastically reducing costs and freeing up capital in financial transactions. Provenance will also promote greater transparency and liquidity and allow for new kinds of financial engineering and business opportunities. This new decentralized ecosystem will allow for a more robust validator/staking framework including for market-driven pricing, and real-time settlement.

“This new Provenance blockchain helps accelerate our mission of transforming financial services for the better,” said June Ou, incoming Provenance Blockchain Foundation President. “We are excited about the opportunity to release a public open-source network to the financial services industry and to encourage developers to build on Provenance.”

Provenance has significant competitive advantages in the blockchain marketplace. Gas fees for transactions have risen sharply on other platforms reducing, if not eliminating, the financial savings from blockchain. Provenance will facilitate transactions at a fraction of the cost of these legacy blockchain platforms. Provenance also builds on the successful ecosystem of the original blockchain launched in 2018, with a wide range of banks and funds expected to actively participate on the blockchain in verticals such as loan origination, financing and trading, banking and payments and securities exchanges.

The Provenance Blockchain Foundation will also be offering grants to developers in order to accelerate growth in this new ecosystem. Hash, the digital token native to Provenance, is both the means of payment for transactions as well as a method of governance of the blockchain. Hash is tradeable on a decentralized exchange hosted on Provenance and can be purchased beginning today by funding a wallet. Learn more at Provenance.io.

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