London-based regulatory technology startup ALT/AVE today launched its docStribute distributed ledger product, which aims to tackle the paper waste problem generated by companies in the financial services industry.
Built on the Hedera Hashgraph network, docStribute enables financial institutions to distribute mandatory and highly regulated documents to customers, offering a secure and more sustainable digital alternative to sending documents to customers via post.
The UK’s financial services sector is currently estimated to distribute 5.2 billion pieces of paper — equivalent to 2.4 million trees — at a cost of £1.7 billion (US$2.4 billion) annually, ALT/AVE said in a press release sent to Forkast.News.
Christopher Ansara, founder and CEO of ALT/AVE said, “We hope to see our solution help to not only reduce the use of paper, but also help organizations become more sustainable, assisting the UK in reaching its decarbonization targets of net zero by 2050, and help businesses in the financial sector streamline working practices while ensuring regulatory requirements are being met.”
A first in the financial services industry, docStribute uses distributed ledger technology to help banks and other businesses meet the legal requirements set out by the Financial Conduct Authority without having to send printed documents to their customers. When a financial services firm sends a document to a customer using docStribute, the document is run through an algorithm that generates an immutable hyperlink which can be embedded in an email to the customer with a call to action. Once checks are completed within the client application, the document “unlocks” and customers are able to view it.