Credit: Avalanche Foundation
Ava Labsthe startup behind Avalanchelaunched Evergreen Subnetsan offer from subnetworks dedicated to institutions. The subnets have the qualities of public blockchains with the control offered by the private blockchains.
Ava Labs announced on Thursday the launch of Avalanche Evergreen Subnetsits new service for financial institutions.
The solution aims to meet the specific requirements of players in the financial services industry. In concrete terms, Evergreen Subnets offers the benefits of a public network while enabling features that are normally only possible with private corporate networks.
To date, blockchain applications at financial institutions have been hampered by a siloed approach that, among other things, limits liquidity and interoperability across initiatives […] Avalanche finally offers a perfect synthesis of the strengths of both public and private blockchains, which is why we are excited to launch Avalanche Evergreen,” said Morgan Krupetsky, institutional business manager at Ava Labs.
With Evergreen Subnetsinstitutions can work on private, permissioned networks, while retaining the ability tointeract with other subnets via the native Avalanche communication protocol named Warp Messaging.
The Avalanche blockchain already has several subnet deployments today, including Deloitte Subnet, a solution to speed up reimbursements after a claim.
Earlier this year, Ava Labs partnered with Amazon Web Services to boost blockchain adoption in businesses and governments. Earlier this week, the startup announced a partnership with South Korea’s SK Planet in order to expand its presence in Asia.
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