Raistone Reinventing Escrow With New System
Los Angeles, CA — Revolutionary blockchain-related technology created by Raistone Inc. is set to launch a finalized proof-of-concept this summer, the success of which could change the way digital trading and transactional systems are designed and deployed.
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Financial technology startup Raistone is preparing to bring to market a fully-functional blockchain-based digital asset transfer and distributed escrow system, according to co-founder and CEO Greta Geankoplis.
“We will be looking to engage businesses this summer, with options to tailor our product for commercial enterprises’ specific use cases by the end of this year,” said Geankoplis.
Raistone’s system will enable banks, exchanges and other financial service businesses to fully control digital transactions or security trades with the key caveat being a central custodian is not required to hold digital assets as would be typical under current infrastructure.
“We eliminate the need for centralized digital asset custody,” said Geankoplis. “We are an enabling technology. Our system will significantly reduce the risk for third parties operating on public blockchains, digital exchanges like itBit and BitFinex, for example, and those that will operate on private blockchains, such as global banks Banco Santander, Deutsche Bank and Bank of America.”
The proprietary system will enable digital asset custody to remain distributed on blockchain systems, while allowing operations to adhere to Know Your Customer/Bank Secrecy Act/Anti-Money Laundering (KYC/BSA/AML) compliance programs, all while securing assets on those systems to move safely peer-to-peer.
Furthermore, Raistone’s system is digital asset and platform agnostic, meaning it will accommodate all digitized currencies, tokens, securities, bonds and other blockchain digital assets, regardless of blockchain-type, and regardless if the distributed ledger system is public or private.
As part of the Patent Cooperation application process, a qualified agency recently conducted a rigorous review and discovery process of Raistone’s patent application, which included searches of national and international patent authorities.
Geankoplis and her team received a “Positive International Search and Opinion” report and Raistone’s technology was confirmed suitable for its international patent (PCT) application status.
Raistone was also one of only 10 finalists selected from more than 1,000 U.S. and international applicants to present at the DEMOvation Challenge at Bank Innovation 2016 held in Seattle, Feb. 29 – Mar. 1.
Raistone’s system won the audience vote for top blockchain technology, finishing second overall in the competition.
Raistone Inc. is a Los Angeles-based financial technology startup offering white-label software that will work as a plug-in or API to enterprise systems. The system is platform and digital asset agnostic meaning digitized currencies, tokens, securities, bonds and other blockchain digital assets, regardless of blockchain-type, can be accommodated. Visit www.raistone.net for more information.
- Raistone’s Patent Application to the U.S. Patent and Trademark Office
- Whitepaper on Raistone’s System