Building a Blockchain POC for a major financial institution: the capabilities and limitations of existing technologies
• ``To design and build a distributed ledger POC system
to process and store proprietary messages for inter-
subsidiary forex transactions internal to a major Fortune
500 ﬁnancial institution’’
• Why? Intermediate message processors add time and
money. Cynically: get in bed with the technology that
may one day supplant them.
• Requirements? Throughput and decentralisation.
• Conﬂicting metrics: transaction throughput vs.
• ≈ BigChainDB vs. ErisDB (Permissioned chains
based on Ethereum / EVM) + Tendermint (PoS;
• ErisDB brings smart contract technology in the form
• Both would be employed along with Meteor (novel
client-server communication) and other popular
frameworks such as NodeJS.
• Client selected ErisDB.
• End product? 4 weeks + N system revisions + 1 proprietary load
balancer = 20 Tx/s. Still several known issues based on Eris bugs.
• Solidity/EVM memory provisioning
• EVM stack depth limits function implementation.
• Solidity/EVM memory management
• Memory provisioning not sufﬁcient for basic data structure operations
(e.g. adding items to an array).
• Poor documentation and error messages exacerbate everything
• Result = no smart contracts
• Instead, multiple blockchains, application-based ﬁltering and direct
• Question the role of smart contracts overall in data processing
applications (i.e. processing on the blockchain), at this stage.