What Is AllianceBlock (ALBT)?

What Is AllianceBlock (ALBT)? Complete Guide Review About AllianceBlock.

What Is AllianceBlock (ALBT)?

AllianceBlock The Prometheus Protocol is a comprehensive and layered architecture to facilitate cross-border transactions in capital markets in a completely regulated and compliant manner. It provides the framework to digitize all forms of assets in seamless
compliance with the regulations in effect. The Prometheus Protocol is comprised of the following three layers.

The Prometheus Protocol leverages the best of ‘code is law’ and ‘Law is by the People’
philosophies. It provides templatized smart contract driven logic to automate transaction validation and to ensure their adherence to regulation. It also provides for upgradeability of this logic to stay aligned to their real-world regulatory counterparts that are amended by legislatures from time to time.

AllianceBlock The Prometheus Protocol heralds the age of true ‘Open Finance’ with robust Data Governance where, users won’t be required to undergo KYC checks at every financial institution but have complete sovereignty over their data by enabling their storage in an encrypted manner. This prevents unauthorized usage and access while enabling the users to request its deletion at any time.

AllianceBlock Storage Key Points

Coin BasicInformation
Coin NameAllianceBlock
Short NameALBT
Circulating Supply232,955,783.00 ALBT
Total Supply1,000,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Official Project WebsiteClick Here To Visit Project Website

Business in the Age of Globalization Parts, Problems, & Potential

Globalization led to the development of a common set of mutually agreeable rules between countries/jurisdictions looking to leverage faster integration of businesses across geographies and jurisdictions while ensuring traceability and auditability to prevent criminal activities such as terror financing and money laundering.

Regulatory Compliance for Integrity and Trust

AllianceBlock Take the case of the metric units of measurement (such as kilogram, metre, and seconds etc) as a parallel. A majority of the countries agreed on a common definition of measurement units so that one metre in Australia would be the same as one metre in Canada.

The world of Business and Finance took these concepts and came up with their own
protocols that facilitated faster, simpler, and non-redundant transactions according to the laws governing business and finance in various countries. These formed the building blocks of a global regulatory compliance protocol. Thus, when a protocol adheres to the requirements of the laws of the land, it is said to be regulatory compliant (see Figure 1).

Regulatory Authorities routinely come up with frameworks to enable legitimate businesses to comply easily with their laws. Laws change with time and therefore regulatory compliance requirements must change as well. For example, the arrival of credit cards led to the formation of a new standard – PCI DSS (Payment Card Industry Data Security Standard) created by the Payment Card Industry Security Standards Council to help prevent credit card fraud and bolster information security.

What is Data Governance?

Data Governance is the collecting, storage, processing, and the overall management of data of users, legal entities, transactions and everything in between. The key aim of data governance is to comply with consumer-protection regulations such as GDPR, MiFID II and others while also ensuring that high data quality and security persist throughout the entire data life cycle. Just as there are laws to govern what, as a people, can and cannot do, data governance is used to create rules for how and by who can a particular piece of data be accessed, processed, and transmitted.

AllianceBlock In a real-world scenario, a financial institution onboards a new client after a strict and lengthy due diligence that can be done in-house but most of the time is outsourced to a third party (KYC provider). The KYC provider receives and processes a form for verification and sends back the result to the financial institution. Transaction history and record-keeping is managed by yet another provider.

AllianceBlock Seamless communication between the above is maintained by a fourth technology provider that serves as the conduit. This technology provider may also outsource certain functions to lighten their workload. Hence, data is received, processed, and stored by multiple agencies in multiple jurisdictions.

Where Does Current Data Governance Falter?

AllianceBlock Today, businesses have administrative offices in one jurisdiction and branches in several others (example: Banks), data localisation laws came up short and transnational regulations such as GDPR gained traction. However, such a system still fails (See Figure 3) to provide full autonomy to the users with respect to their data.

The Open Banking initiatives seen in the European and certain Southeast Asian jurisdictions which enable users’ financial and other data to be shared with third party developers or other financial institutions, in order to be used to the benefit of these users is a step in the right direction. However, they are limited in scope.