Did you know that we work with 3 of the world’s leading banks? How about creating 2 of the most innovative blockchains? We work closely with our partners in the Financial and Blockchain spaces to prototype, design, build, monitor, and maintain hyper-reliable, scalable, and concurrent solutions.
Do more with your financial solutions, contact us
Adam Kennedy, product director at Vocalink
Blockchain innovators are turning to Erlang and Elixir due to their leading status among programming languages for distributed, high bandwidth, peer-to-peer systems.
Leading financial institutions look to Erlang Solutions to guarantee that their customers' payments end up where they should and that transactions happen with the absolute minimum delay.
Guarantee the reliability, performance, and consistency of your transaction process system (TPS) with Erlang and Elixir technology. We work with some of the world's leading financial institutions on their TPS solutions, ensuring the collection, modification, and retrieval of all of their transaction data.
Build a credible alternative to cash and card payments with real-time payments that run on technology that is proven, resilient and always available. With Erlang and Elixir, we have been able to offer 99.9% availability and our resilient deployment ensures that transactions are always safe. Today, IPS that has been developed by Erlang Solutions are recognised as global standard bearers for real-time payments.
Here are a few useful pointers on what to consider when starting a blockchain project. If you need a hand, get in touch and we’ll do our best to help. In the small chance that we can’t help you directly, we’ll connect you with someone who can.
Embrace the best practices in software engineering, in particular the exploitation of functional programming and the design patterns that emerge from it.
Develop and optimise code that speeds up the software development process, its evolution and adaptation, delivering on critical FinTech Time-To-Market business requirements, which is essential when it comes to blockchain!
Take a modern approach for testing ensuring that a high degree of quality is preserved throughout the lifecycle of a system. Leverage auto-generated Property Based Test and continuous stress tests combined with traditional Test Driven development.
Empower your software engineers to embrace modern agile software development methodologies that support scaling the workforce whenever and however needed. Practicing agile ways of deployment automation, type checks, sensible naming conventions and documentation are extremely important, especially during handovers or when onboarding new developers.
Work with engineers previously involved in the development of massive scalable systems. Their experience working on particularly messaging systems or distributed databases gives you the confidence that they will choose the correct partitioning, sharding and replicas parameters. The conclusion? Create FinTech solutions that are resilient against node crashes or bad actors, and therefore exclude single points of failure. Having such experience, they will provide you with ideal architectural recommendations, deliver distributed and efficient executions and ensure that consistency and consensus are preserved.
The need for engineering highly scalable and distributed systems has grown, and this is what we do every day. Building distributed systems to cater billions of users and transactions on a daily basis - just imagine how this could be used in a blockchain context!
And - we are also in the position to recommend automations to promptly recover from deviation from the optimal performance configuration.
Find a team with a vast experience in growing automated network traffic management and dynamic topologies. Check if their monitoring capacity and expertise can be embedded into FinTech solutions to allow adaptation to changing scenarios, and identify problems before they occur (preemptive adaptation).
Does their approach also ensure that Back-Pressure Control protects the system’s capacity against overloads and increases its robustness? These modern approaches are valid for centralised, decentralised and distributed peer-to-peer (p2p) networks, often associated with bespoke service discovery mechanisms, and should be something that you clear with your team early on.
Do you have the right people to monitor your system and repair mechanisms, and strategies using important resilience components? Dedicated secure p2p protocols, static analysis and property based testing are among the techniques you should adopt to drive the security of a system. Information validation is used to protect against the man in the middle (MitM) attacks. Back pressure mechanisms protect against distributed denial of service attacks (DDOS).
Both symmetrical and asymmetrical encryptions are used to achieve the highest level of security possible - something that is absolutely vital in the FinTech industry.
It's also worth checking on hardware security ensuring that sensitive private keys are only accessible via hardware security modules (HSM). Just a sidenote...
Integrating FinTech applications on top of complex backends, as well as providing synchronous and asynchronous interfaces among backends, is a serious job. So it's worth checking if your team use frontend facing APIs such as REST and Websocket to implement responsive applications. They should comply with industry standards for compatibility and security to drive message exchanges on top of a variety of AMQP and JMS queuing mechanisms.
In the Blockchain space we are highly competent in designing cross-chain Smart Contracts capable to anchor data to major networks such as Bitcoin, leveraging its security against history revisions. We can provide guidance to plan effective and reliable integration tests, ensuring the compliance of data validation and communication protocols is preserved throughout the development process. If this is something you are currently missing out on, we can help!
Engage with true polyglots! Engineers specialising predominantly in one tech who are highly competent in any popular language in the industry, this could be Java/Scala, JS, C/C++, Python, Rust and Go.
When contributing to projects in any of these languages, they can influence development by introducing design patterns coming from functional programming, such as the actor model.
Their vast expertise in language interpretation and virtual machines proves to be critical know-how in a variety of modern FinTech and blockchain solutions. You can put your trust in us! We know what we're talking about. We specialise in Erlang and Elixir, but we are highly competent in every other language in the industry, we stay relevant!
Yanislav Malahov, æternity founder
Erlang Solutions has over 50 years experience in the financial industry. Our Erlang and Elixir technology is perfect for the industry because of it's high reliability, scalability, distributed nature, and proven use-cases.
The Erlang VM's design empowers teams to create network services that have decades of uptime with up to 99.99% reliability. It achieves this through its concurrency model and its error handling approach.
With its background in telecoms, Erlang excels in handling message explosion and multiplexing. This multiplexing can span hundreds of servers in a coherent way that maintains message delivery order.
The Erlang VM is used across the FinTech industry as well as traditional banking, communications, gaming, healthcare, message brokering, and databases. It is open source and battle-tested.
æternity is an open-source, distributed computing platform that builds on decentralised cryptographic P2P technology. æternity has partnered with Erlang Solutions to scale its distributed system and peer-to-peer network and bring its blockchain technology to the masses.
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For more information about FinTech from the very basics to advanced implementations, you can simply contact us! Whether you are the head developer, or the decision maker looking to upscale the FinTech sector in your business, we can help.
