EPFL and Wecan Group will develop a blockchain methodology with the support of Innosuisse, the Swiss Innovation Agency.

EPFL and Wecan Group will develop a blockchain methodology with the support of Innosuisse, the swiss innovation agency.

Wednesday, March 3, 2021 – Wecan Group, has been selected to be part of Innosuisse, a program lead by the Swiss Innovation Agency. The aim of this project is to build bridges and create synergies between the research and business area. Through this project, Wecan Group is going to partner with EPFL to develop a methodology to evaluate the scalability and security of any blockchain project.

 

The project is part of many dynamics that combine in-depth knowledge in cybersecurity and data protection to help bring Switzerland to the forefront of these digital trust issues. The goal of this project is to advance the state-of-the-art of cybersecurity by offering a solution that evaluates the vulnerability and the performance of a blockchain-based application. There appears to be little to no comprehensive work done in the area of blockchain evaluation.

 

EPFL teams lead by professor Rachid Gerraoui together with Wecan Group will develop a unique methodology to highlight potential points of failure of a blockchain-based application and deliver an open-source evaluation framework to monitor key performance indicators.

 

This open-source assessment framework will ensure compliance with the highest security and quality standards for all actors developing blockchain-based applications in Switzerland and abroad.

 

The methodologies and evaluations framework developed by the EPFL will be tested and improved on a Wecan Group blockchain platform called Wecan Comply (www.wecancomply.com) .

 

Wecan Group has also been selected to be part of the Tech 4 Trust program (https://trustvalley.swiss/tech4trust/) that is supported by EPFL.

About  EPFL Distributed Computing Laboratory :

 

The Distributed Computing Laboratory has developed over the last two decades innovative solutions on Transactional Memory (https://dcl.epfl.ch/site/transactions), Cryptocurrencies (https://dcl.epfl.ch/site/cryptocurrencies), Safe AI and in particular Distributed Machine Learning from the perspective of Byzantine resilience (https://dcl.epfl.ch/site/safeai), as well as from the perspective of Private Recommender Systems (https://dcl.epfl.ch/site/web-alter-egos), and more recently,  Distributed Algorithms for New Technologies: RDMA and NVRAM

 

 

 About Rachid Guerraoui:

 

Rachid Guerraoui has been affiliated with the Commissariat à l’Energie Atomique of Saclay, Hewlett Packard Laboratories, the Massachusetts Institute of Technology and College de France. He has worked in a variety of aspects of distributed computing, including distributed algorithms and distributed programming languages. He is most well known for his work on e-Transactions, epidemic information dissemination and indulgent algorithms (http://lpdwww.epfl.ch/rachid/index.html).

 

 

About Wecan Comply:

The objective of the Wecan Comply application is to reduce the compliance workload while improving data quality. This unique platform is facilitating communication between External Asset Managers and their custodian banks, allowing faster onboarding, bringing real time compliance for the first time, and improving data quality. Visit wecancomply.com

 

 

About Wecan Group

Wecan is a swiss based company created in 2015. First active in crowdfunding we started actively looking into blockchain as a way to improve our solution. Realizing that we needed to pivot hard to put this technology at the core of our business, Wecan shifted to blockchain technology in 2018. We are now helping others to reinvent their business thanks to blockchain rather than witnessing others disrupt them.

We address our partner’s needs in different industries through our blockchain competencies and a co-creation process. We create value by offering them tailor-made and innovative solutions thanks to our blockchain expertise and strategic competencies.

Wecan brings a new dimension to blockchain projects, it’s not about the technology nor the hype, it’s about allowing real collaboration among actors. The real blockchain journey starts when efforts on non-competitive topics are shared and you can focus on added value tasks.

https://www.wecangroup.ch/ (official website)

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Blockchain chronicle. Why should independent asset managers of all sizes go

Small structures are still cold

Blockchain chronicle. Why should independent asset managers of all sizes go digital?

 

The fourth industrial revolution is under way with its main differentiating feature being its exponential speed of evolution. Technology is already everywhere and continues to grow, especially in the financial industry. According to a report published by McKinsey , the call for individuals and organisations to invest in learning and development has never been stronger. The World Economic Forum recently stated that there is an urgent need for retraining as the world faces more than a billion jobs transformed by technology. Having personally switched from the world of private banking to that of a blockbuster, I am firmly convinced that it is urgent for organisations to integrate digitalisation into our businesses, whatever the size of the organisation concerned. The blockchain in particular has been around for a few years now, so why should the financial industry start working on it now rather than waiting and seeing what happens?

 

With the increase in cybercrime, threats and hacking attempts against the financial sector are becoming more frequent and more sophisticated. According to a report published by the Boston Consulting Group, financial services companies are 300 times more likely than other businesses to be targeted by a cyber-attack and dealing with these attacks and their consequences has a higher cost for banks and asset managers than for any other sector. Blockchain technology is one of the most secure technologies in the world with its cryptographic hash system. It therefore meets the challenges of cybercrime regardless of the size of the structure concerned.

 

The second point, in my opinion, is that of data possession and transparency. There was a time when a certain amount of information remained hidden or omitted, but that time is past. Today we want to have easy access to and control over all kinds of data, i.e. to be able to control simply and efficiently to whom and how it is shared. Agility and efficiency in terms of data management should not be reserved only for larger structures. If they have more complex data mapping, a smaller structure has limited resources to devote to it. Technology can thus make it possible to concentrate human capital elsewhere, especially on tasks with higher added value.

 

Finally, I think the third issue is related to the ease of adoption and implementation of such technology, which is still obscure for some. Smaller structures are generally more reluctant to devote large budgets to the implementation of new solutions because of their means but also because of their internal constitution. Indeed, without an entity specifically dedicated to innovation, this aspect can sometimes be relegated to other priorities. However, the advancement of blockchain technology is becoming more and more mature with the end of the exploratory phase and with it its batch of “ready to use” solutions for the financial industry that is beginning to take shape.

 

Curiosity is our best ally. Small or large structures, it is wise to keep a watchful eye on continuous improvement. This is why, in my opinion, innovation and digitalisation must be on everyone’s mind today.

 

Written by Anna Waibel & Camille Ernoult, Wecan Group

Biography

 

Anna Waibel

Specialist in the transformation and optimisation of processes in the financial sector

Anna Waibel specialises in the transformation and optimisation of processes in the financial sector. She worked at swissnex Singapore and then at Union Bancaire Privée, UBP SA for more than 8 years before joining the blockbuster sector as Client Success Manager at Wecan Group.

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