The digital definitions of ‘blockchain technology’ are deliberately complicated simply to disguise the fact that ‘blockchain’ has been with us since the dawn of the sales ledger.
Ok, the technology behind blockchain has moved on (and continues to develop) from pen and paper and is now totally reliant on the internet.
So, where and how does Bentley Intelligence use blockchain technology?
Firstly, we have to explain what our blocks are and how they link together into a chain than powers our trading systems and, ultimately, delivers consistent profits into our funds – profits for us and our clients.
Two Parallel Chains
The definition of a block (in digital terms) is a record that, once timestamped, is ultimately extremely difficult to modify. In our case, ours are impossible to edit or delete as they represent historical trades – the source of which is in the public domain.
Chain 1 is made of blocks that are (GDPR protected) records of our investors. A digital record that, in paper form, has been around for centuries. Personal details, amount invested, guaranteed return values, bank details, dates etc.. – all under our licensing and regulatory requirements. This blockchain will only come into contact with Chain 2 under audit conditions.
Chain 2 – The Trading Chain
The blocks that make up Chain 1 add together to deliver us a ‘fund’ which is then divided amongst various secure financial systems – the one that is imperative here is the ‘trading fund’ – just 5% of the total fund.
Each and every trade is a well defined, timestamped block made up of the following records:- date, time, event, trade amount and gain. Seeing as though these trades are within a sporting environment, the date, time and event are very much in the public domain and whether they are difficult to amend post-event or not, the fact is that no-one can alter the result of (say) a football match once the final whistle has blown. This is a blockchain in its purest form. Each block is totally independent of the previous (or next) block and this blockchain itself only interacts with Chain 1 when we digitally move the gains from Chain 2.
There is an interesting article here but, once you’ve waded through the whole thing, you’ll realise that we have covered everything above (without disclosing what technology we actually utilise).