Slide 1

Mutual distributed ledgers are transforming the way people and organisations handle identities, transactions, debts, and contracts. The ability to have a globally available, verifiable, and high-integrity ledger or journal provides anyone wishing to provide trusted third party services, i.e. most major financial services firms, the ability to do so openly and robustly. The technical success and excitement surrounding Bitcoin's distributed ledger, 'the blockchain', has convinced doubters that distributed ledgers can work securely in harsh environments and, while a bit complicated, can work commercially. The key innovation is a public blockchain that eliminates the need for a central counterparty to act as a third party to financial transactions, relying instead on a decentralised peer-to-peer network secured by advanced cryptography. Trust in a counterparty changes to trust in the technology. Blockchain technology is interesting in that it provides a public ledger containing the full history of transactions, is secure and private and seems indestructible. However, blockchain technology is only a subset of mutual distributed ledgers, a field first explored by Z/Yen in 1995. Z/Yen’s flexible ChainZy software suite allows mutual distributed ledger architectures to be tailored to business specific requirements.  

"Ledgers are the infrastructure of finance. Mutual distributed ledgers are pervasive and permanent. They will transform all financial trust architectures - exchanges, insurers, banks, and information providers." Professor Michael Mainelli, Executive Chairman of Z/Yen (2015) 


(video script)

People are now rapidly exploring further applications of mutual distributed ledgers both within the world of finance and outside. Ideas for further applications include corporate voting, smart contracts, registries (ships, aircraft, tax, artworks etc.) and identity blockchains for anti-fraud protection or anti-money laundering. Collaborating with industry leaders and regulators, Z/Yen heads projects that seek to both forge a vision of potential new applications of mutual distributed ledgers and demonstrate how they would work in practice. In other projects, such as Distributed Futures, Z/Yen seeks to facilitate networking and intelligence sharing between thought leaders in the field.

One application of ChainZy, MetroGnomo, is an innovative open-source timestamping service based on a mutual distributed ledger. MetroGnomo provides proof that a given piece of information existed, or event happened, at a given point in time. It is the result of Z/Yen’s quest to design, and find a use for, the most stripped down mutual distributed ledger possible. The States of Alderney have committed to providing oversight of MetroGnomo's integrity until 2021. Commercial users of MetroGnomo include SafeShare Global and Blem Information Management's XLRAS reinsurance administration system, as well as several clinical trials.

Z/Yen also heads several research consortia of interested parties that are actively exploring the implications of distributed ledger technology for financial institutions and regulators. Previous consortia include InterChainZ, which comprised of a large accountancy firm, a risk management firm and an international insurance firm. 

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Linear Talk: What Is A Mutual Distributed Ledger And Why Is It Important

 


Current projects

  • MetroGnomo – an open-source experimental timestamping service based on Z/Yen's ChainZy mutual distributed ledger technology. MetroGnomo’s replicated authoritative immutable ledger provides proof that a given piece of information existed, or event happened, at a given time. The provision of impartial timing information and unique identifiers enables improved coordination, cooperation, integration and dispute resolution between and within firms. More information...

    Live Commercial Applications

    • SafeShare Insurance: SafeShare's insurance product employs a distributed ledger - aka blockchain technology - created by Z/Yen Group to confirm counter-party obligations. More information...
    • Blem Information Management: Blem's XLRAS reinsurance administration system uses Z/Yen's MetroGnomo timestamping and document retrieval system to increase trust in reinsurance records. This XLRAS development enhances contract and transactional certainty across XLRAS's scope of reinsurance recovery administration. XLRAS clients are able to provide permanent distributed ledger evidence for any XLRAS data or output they choose. More information...
    • Clinical trials: MetroGnomo provides an unchangeable authoritative record of trials data. Proof that a given piece of information exists is logged by a network of receivers to guarantee persistence and incorruptibility without revealing the information itself. More information...
  • InsurTech Academy – the core question of this project is “how can InsurTech enhance wholesale and retail insurance and reinsurance”. The InsurTech Academy is a coalition of the willing formed from market participants who are exploring proof of concept applications that meet the functionality and business case requirements for moving towards a wider supporting infrastructure. More information…

  • IDchainZ

Community events

  • Distributed Futures Forum - a forum for senior people to meet and network with a group of their peers four times a year and share intelligence on mutual distributed ledgers, cryptocurrencies, blockchains, FinTech, RegTech, and other interesting topics where disruptive technology meets finance. More information...
  • Crash Courses - Z/Yen runs courses to assist senior professionals to develop an understanding of mutual distributed ledgers and blockchains, and their potential business specific applications. Attendees come from a variety of organisations, including financial services firms, law firms and regulators. For upcoming courses...

Historic projects

Media Coverage

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