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XNotesAlliance: An Early Adopter of Blockchain Technology
Blockchain, a revolutionary concept which has entered the FinTech industry with the introduction of Bitcoin, is seeing major traction in the industry owing to the efficiency, ease and security it lends to users.
XNotes Alliance is one of the few organisations that are making use of this technology and offering blockchain technology in the real-world enterprise-class applications, creating deeper impact in a growing sharing economy.
Talking about the firm’s genesis, Sopheap Lao, the founder and CEO of XNotes Alliance, elaborates, “XNotes was created in April 2014 when I co-founded Qiosk and started to design and develop a disruptive peer-to-peer mobile commerce platform. The company was renamed after my VC partner and I were convinced that XNotes was a better alternative to existing blockchain technologies, which were too experimental and not practical enough to be used in mainstream business applications.”
Ensuring configurability, scalability and applicability through their client configurable solutions, XNotes offers a broad portfolio of innovative and cost-effective products in enviable time frames and at the highest generating revenues. Fused with these areas of expertise are the firm’s extremely skilled team and its pragmatic mindset, which have positioned it as one of the pioneers in the banking industry. “To effectively federate regulators and players of various industries beyond the traditional banking industry around comprehensive standards and best practices, XNotes Alliance stands out from the competition. XNotes’ technology is the latest blockchain-based technology. It is likely to be the first to power the first ‘killer business app,’” Sopheap says.
While a part of the firm is highly proficient in digital identity, eKYC (Know Your Customer), and Collateral Management or Escrow Management, two-thirds of the staff are qualified non-tech individuals who have experience in the BFSI, supply chain management, and legal domain. This mix of knowledge and experience from various industries eases out the proceedings and makes it easy for the organisation to deciphera client’s business requirements. “We speak the same (business) language as our clients! This greatly facilitates and accelerates the design and the development of Proof-of-Concepts and Minimum Viable Products because the level of technicity required to integrate a business application with XNotes is very low - thanks to resources such XNotes Kit, the XNotes Software Development Kit and the user-friendly and comprehensive configuration and modelling tools,” explains Sopheap.
XNotes enables trusted asset issuers to configure their own asset classes (both simple and complex) through a multiple-asset class system- XNet
XNotes has not restricted itself to a pre-defined digital virtual currency. XNotes enables trusted asset issuers to configure their own asset classes (both simple and complex) through a multiple-asset class system- XNet. The firm’s technology is broader than blockchain and distributed ledger. They have built-in ‘data and transaction orchestration’ modelling capabilities, which helps in the formulation and maintenance of the most complicated transaction issues that involve permissions and encryption - without writing a single line of code.
With the industry’s gradual and positive attitude towards the adoption of blockchain and distributed ledger, XNotes has also been experiencing greater success. The firm is operational in Hong Kong and Singapore, and is investing its resources to be all over Asia-Pacific and Europe to leverage FinTech’s growth environment.