Press release

Blockchain for Banking, Risk and Compliance aBey Announces Startling Adoption

Sponsored by Businesswire

The aBey Foundation today announced adoption rates of the world’s first e-commerce-centric fast blockchain, on the one-year anniversary of its public release. Dr. Ciprian Pungila, chief scientist and co-creator of aBey said, “Since public launch of aBey on July 30, 2018, we have amassed more than 100,000 active users within the first twelve months of that date. aBey’s growth rate exceeds Bitcoin’s early growth by a factor of more than eight times.”

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Infographic showing growth of e-commerce-centric fast blockchain aBey in first year of release. (Photo: Business Wire)

Infographic showing growth of e-commerce-centric fast blockchain aBey in first year of release. (Photo: Business Wire)

Major early adopter, aPay Systems, based in Malta, a high-volume online payments processor, chose the aBey blockchain as its technical underpinning. Philipp Saurborn, CEO said, “As a payments processor with inter-chain operability and up to 100K transactions per second, our B2B and B2C users demand speedy transaction completions. Before we migrated to aBey’s blockchain, transactions written to popular blockchains would require hours, even days to complete. Now, with aBey, we can complete every single transaction in milliseconds. There is no other blockchain on earth which can deliver such speed and flexibility, which is demanded by business and consumers.”

“The aBey blockchain has been architected to provide essential features demanded by the banking, risk and compliance community,” said Dr. Pungila. “With aBey’s Virtual Private Banking framework intrinsic to the blockchain, business use-cases currently only available to highly-regulated financial institutions are now available throughout the financial ecosystem. aBey’s on-the-spot compliance checks utilize built-in algorithmic analysis of risk, enabling cost-efficient business to occur in the blockchain.”

aBey’s key features include high speed, supporting up to 100K transactions per second (verified in SpringerNature and, refundable transactions (a world’s first), intrinsic lending, including on-the-spot lending with instant compliance checks using Vault Lending Gateways (a world’s first), support for affiliate marketing referrals and payment of commissions using Trusted Payments Gateways (a world’s first), payment processing on chain and a simple crypto wallet. Optional account names that can replace long cryptic numbers are intrinsic to aBey and are not a paid service as with other blockchains, greatly enhancing users’ discovery of other permissionless users in their networks. A richly-featured WordPress plugin, aBeyWPP, will be released in early 2020, bringing click-to-buy and transaction status functionality to more than 75 million websites.

Mr. Saurborn said, “Integrating aBey’s permissionless blockchain and distributed ledger technology into our permissioned aPay blockchain service means peace of mind for us, our clients and regulators.”

“aBey has been designed and built to be the world’s fastest and most flexible open-source blockchain,” Dr. Pungila said. “We’re seeing spectacular adoption for e-commerce, lending and affiliate marketing, and we can’t wait to see what the banking, risk and compliance industries will build on aBey’s exceptional technology.”

The non-profit aBey Foundation, based in Lichtenstein, provides governance for the free open-sourced aBey blockchain.

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