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Brave New Coin, Smartbit Partner To Develop First Blockchain Backed Index

Brave New Coin (BNC), a New Zealand-based Data and Research company, announced last week its partnership with Melbourne-based Smartbit to develop the “first provable indexes for financial markets”, starting with the BNC Bitcoin Liquid Index (BNC-BLX) – a comprehensive historic and live bitcoin index purpose built for settlement of bitcoin derivatives.

The collaboration will be the first to get involved in 'Market-Chaining' process where financial data such as market indexes, quotes and trades will be secured on the Blockchain.

"This partnership has re-enforced BNC's position in the industry and strengthened the company's service offering making it stronger and more in-depth. BNC will be expanding the range of solutions and developer tools that we are planning to bring to the market," according to Fran Strajnar, CEO of BNC. "This first project is the beginning of a larger project, bringing financial and blockchain data together, in an accurate and transparent way."

Brave New Coin says that as financial services operators make use of blockchain technology for new solutions like 'proof of reserves', the demand for 'proof of settlement' is also on the rise, which is one of the verification and auditing implications of Market-Chaining.

"We can secure any market data feed on the Blockchain in a way that does not threaten proprietary intellectual property, break existing revenue models or open up market participants to market manipulation. People trust mathematics a lot more than they trust people," says Strajnar.

Market-Chaining for indexes is ready to be implemented for exchanges and brokers, with trade and quote solutions becoming available in the new year.

“Both BNC and Smart Bit expect a rapid roll-out time for this line of services with provable indexes coming online from several financial institutions very early into 2016”, the press release said.

In an article published on BNC, Luke Parker explains that BNC's BLX consists of approximately 2 million data points, which presents a historic picture of bitcoin’s market activity since trading started on MtGox in 2010. BLX also provides live data feed that is updated every 30 seconds. BLX’s transition onto the blockchain can be viewed on Smart-Bit’s Block-Explorer.

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