Services and consulting firm Accenture has added a blockchain startup to the latest class of its financial innovation lab in London.
Blockchain technology startup Crowdaura joins other 14 other startups to be included in Accenture’s 2016 FinTech Innovation Lab London. The London Lab is now in its fourth year. The 12-week long mentoring program is geared to help new fintech startups and entrepreneurs with expertise from executives of financial institutions such as Bank of America, JPMorgan, UBS, Goldman Sachs among others.
Crowduara, as a part of its name suggests, is a platform that uses blockchain technology in a crowdfunding interface to provide multiple solutions for decentralized financial securities.
In a blog last month, Dr. Avtar Sehra, founder and CEO of Crowdaura revealed that the company’s engineers are working on layers that will fundamentally utilize a public blockchain. Noting Overstock’s recent announcement of the SEC’s approval of the company’s plan to issue stocks via the Blockchain, he stated:
Overstock’s work will definitely pave the way for more widespread use of basic Blockchain functionality (without smart contracts) to execute clearing, settlement and depository services.
He further added that this would be an area wherein real-world financial applications would be possible, citing transparency and lowered cost benefits while adding that “most of this activity will likely take place on a public/open chain over 2016.”
Noting the work being done by Crowdaura, he added:
Our engineers are also working on a robus (open source) application layer that can utilize a public Blockchain such as Bitcoin (or Ethereum), to issue securities and enable tradability within a particular niche of financial markets.
He continued to state “more importantly, [the application layer will] execute DVP (Delivery Versus Payment) settlement and coupon/dividend administration using fiat currency.”
Richard Lumb, group chief executive of Financial Services at Accenture claimed this year’s participants will help to “make banking better, cheaper and faster.”
They offer some exciting innovations and have exceptional creativity in what has been a record breaking year for applications from more than 30 countries.
Crowdaura is the only blockchain-based company to figure among the 15 startups in the Fintech Innovation Lab.
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