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Blockchain: European Financial Transparency Gateway project

The European Financial Transparency Gateway project based on Blockchain Technology

Grant Thornton Luxembourg Technology Hub is supporting the Blockchain Competence Centre of the European Commission, to develop the European Financial Transparency Gateway project (EFTG).

In order to promote cross-border investment and provide investors with easy access to certain financial information of companies listed on the European Union’s (EU) regulated markets, the European Commission (EC) is developing a system that offers a single platform for such information currently stored within different Member States' infrastructures. Following a successful Proof of Concept (PoC) using Blockchain technology, the EC is launching a European Financial Transparency Gateway (EFTG) pilot project within the framework of the Capital Market Union and the legal obligations of the Directive 2004/109/EC.

The objective of the EFTG Pilot Project is to develop a Blockchain platform and infrastructure that will make such financial information of the concerned companies much more accessible to citizens and investors. This information is provided by Officially Appointed Mechanisms (OAMs) such as stock exchanges, regulators or any other designated institution(s) in the different Member Countries. The EFTG Pilot Project also aims to add analytical and research capabilities to Member States' data, such as information derived from the Annual Financial Reports (AFR), with a purpose to further integrate capital markets.

The Blockchain Competence Centre (BLKCC) of the European Commission (DIGIT Luxembourg) designed and built a distributed and decentralised platform tailored to the EFTG requirements, using a private version of the Steem Blockchain, while extending its capabilities and functionalities.

Grant Thornton Luxembourg Technology Hub is supporting this initiative by identifying the technical requirements of the system and by providing knowhow on building the architecture of the EFTG project. Its experts are also involved in the technical development by running one node in the Private Steem Blockchain network, using virtual private servers managed by Grant Thornton Luxembourg.

Grant Thornton Technology Hub stems from the ambition to complement Grant Thornton Luxembourg’s current consulting offering for financial institutions, with dedicated technology advisory services in domains such as Blockchain, Cybersecurity and Innovation. This project further strengthens this service portfolio, with a real commitment in helping public and private institutions to have professional advice and a strategic vision. The Technology Hub multi-disciplinary team provides the relevant expertise and necessary tools to define technology needs and build a comprehensive implementation plan.

 

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