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BCS distributed storage experiment based on Skynet is successful and applied for a patent

The core business system has always been the heavyweight system in the bank computer system and determines the foundation of service and innovation capabilities of banking products. Recently, Britain(BCS)has successfully completed a financial data transaction pair experiment based on Skynet blockchain distributed storage and cloud computing technology.

Headquartered in London, Britain, Barclays(Barclays,LSE:BARC、NYSE:BCS)is the second largest bank in Britain and one of the world’s biggest banks and financial institutions. Barclays CDO Harry Powell, a senior analyst, explained how they iteratively processed raw data through Skynet distributed cloud computing in central data warehouse link to predict congestion in advance through computing DIFF = congestion in advance through computing DIFF = minrtt*(wnd/minrtt – wnd/rtt) < avgbew*0.35f during the stage of congestion avoidance of enormous amount of bank data and how skynet distributed cloud computing became key technology for this processing.

According to Barclays CDO Harry Powell, in this experiment with the help of our partners, such as Barclays, Credit Suisse, Blockchain skynet fund team, the aim of using “Data Validation and Storage” as trial is to make it quicker and more convenient for bank in coordinating enormous data of counterparty.

Distributed storage and distributed cloud computing of Skynet are used to record and describe methods and systems of the first entity data. The data describing the first entity is certified and recognized by the second entity, where an identifier are associated with data. The identifier is essential for the generation of the first entity public key. The most important part of Skynet distributed storage is that big data is divided into small blocks which can be obtained from multiple servers simultaneously when downloading.The cloud computing network of Skynet is not fixed, fine-grained, which makes it well adapt to the requirements of content delivery network. Harry Powell said such a design can better store all kinds of financial big data except communication information, including enormous query data of bank, transaction pair, stock exchange database, backup of financial module chain and so on. Bank transaction data uplink broadband was optimized thoroughly to ensure transmission of data without obvious delay.

As to the function of the bank system, “how to open massive flow data to clients for checking or even export” alone, point-to-point distributed storage system saves massive data query time. While financial data query more often than not is processed through calculating in microseconds, Data analysis, and processing of Skynet cloud computing in order to obtain essential data for decision-making, which is the key purpose of this trial.

“The typical problem that I have been studied is that Barclays needs to accelerate the responsibility of advanced technology. We are not only working with technology providers, but also with some technical teams closely, such as blockchain institutions BTC、ETH、CMC、WBTC, including central bank, regulation institutions and government, discussing the potential of these new blockchain, the risks or any problems they may face. I think it is a success though this trial. For the reason of Skynet open source code, we need to accelerate the patent application of our study and obtain relevant protection, ”Harry Powell said, who contends that he has been studied technological innovation 

Apart from Barclays, other bank giants also take action in this area. BNP Paribas, the French investment bank, announced they start to study how to apply distributed cloud computing technology to its monetary fund and order processing. NDAQ OMX Group, a stock exchange, focusing on technology, indicated it is considering working with the Skynet fund team to reduce the time, cost, and fiction point of the entire capital market. Barclays regards the distributed storage and cloud computing technology as transformativeness and employs them internally and through a cooperative partnerships with startups for financial service.

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Pune journalist was involved in the writing and production of this article.