TapestryX (tapestryx.com), a layer one blockchain solution, has achieved the venerated distinction of being rated as a Trusted Blockchain Solution for Banking, Financial Services, and other industries. The Government Blockchain Association (GBA) conducted the evaluation using the highly regarded Blockchain Maturity Model (BMM) and the Banking & Financial Services Supplement.
The comprehensive assessment involved a team of esteemed industry experts, including government Chief Information Officers, technology specialists, legal and regulatory professionals, and banking experts. Over several days, the team meticulously analyzed 11 elements of the BMM and 22 additional requirements of the banking and finance supplement to assess TapestryX’s suitability for the demanding needs of the banking and financial services sector.
During the rigorous BMM assessment, TapestryX demonstrated its suitability for the banking and financial services industry by successfully validating, settling, and reconciling high-volume transactions in real-time. Moreover, the solution integrates accounting functionality into its layer one blockchain that can be configured to comply with Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Gerard Dache, Executive Director of the Government Blockchain Association, said, “Of all the blockchain solutions we evaluated, TapestryX is the only layer one solution that meets the high-frequency transaction demands, requirements for future-dated transactions, and all the accounting requirements of the banking and financial services industry.”
The official recognition of TapestryX as a Trusted Blockchain Solution will take place at the prestigious Blockchain & Infrastructure Conference in Washington, DC, on September 28-29, 2023.