Smart Contracts Platform Wins Award at Ernst & Young Start-up Challenge
Boston-based Adjoint, Inc. was the audience favourite in the ‘Most Investable Start-up’ category at the Ernst & Young Start-up Blockchain Challenge Showcase day event, held in London on October 19, 2016. Adjoint is building a new messaging and consensus protocol to allow enterprises to quickly deploy, maintain and analyse a global network of smart contracts on top of a mathematically verified, cryptoledger fabric. This approach is based on research in cryptography, type systems and formal verification.
Havell Rodrigues, CEO and Co-Founder of Adjoint, commented: “It is a tremendous honour to win this award as it validates our value proposition and the market opportunity. Our team worked diligently to come up with a solution that addresses the challenges of implementing smart contracts for institutional financial applications. Receiving this award acknowledges our approach to making smart contracts secure and easy-to-use and will help the industry move beyond the proof-of-concept stage. The EY team was excellent in helping us accelerate our growth and we are also grateful for the support and feedback that we received from the EY client mentors and Level39 mentors”
Adjoint moved its team from Boston to London to participate in the six-week EYSC program, based in Canary Wharf. Adjoint was one of six start-ups selected for the challenge. Over the six weeks, Adjoint’s team worked with EY’s mentors and their clients to create a distributed ledger solution for Over-The-Counter contracts for energy trading clearing and settlement.
At the EYSC Showcase Day event, Adjoint presented their Smart Contract solution for OTC bilateral trades to the audience, with a live demonstration of their interface, setting up an Over-The-Counter Swing Swap contract between two parties on a private blockchain. The live demonstration highlighted the use of Adjoint’s platform for using composable smart contract templates powered by Adjoint’s smart contract language which ensures these contracts are verified, correct by construction, and can interface with standard legal documentation. Adjoint’s solution targets a market opportunity in the institutional distributed ledger application space. The award was voted on by the audience which was comprised of senior management teams at Energy Trading and Digital Rights Management firms, senior EY and FinTech industry professionals.