For the first time in our lives we have the tools to mathematically guarantee trust in our financial institutions.
A publicly verifiable Proof of Solvency provides users with cryptographic certainty that an organisation controls enough assets to cover its liabilities.
A Proof of Solvency allows organisations to make publicly verifiable assertions about the state of their finances. Participants in the system can then ensure, at the time of the assertion, the solvency of that system (e.g. assets meet or exceed liabilities) without compromising the privacy of those participants.
The Proof of Solvency requires two components: a Proof of Assets and a Proof of Liabilities. Zero knowledge proofs will be employed to maintain the highest degree of privacy, preventing external parties or even other participants from learning anything about other users.
Bamboo has partnered with Albacore to accelerate our efforts in developing a publicly verifiable Proof of Solvency. Bamboo and Albacore will form a joint venture dedicated to the development and deployment of proof of solvency.
Albacore is led by Ilyas Ridhuan and Michael Ford. Ilyas has a background in Physics and Computer Science and developed an interest in Bitcoin in 2013, spending two years using blockchain technology to tackle the issues of electronic voting. Michael discovered bitcoin in 2010, and became a contributor to the Bitcoin Core project in 2012, most recently becoming a maintainer in 2019. Ilyas and Michael will be working directly on Bamboo's proof of solvency, and we're excited to have them as part of our team.
Bamboo is moving towards the widespread deployment of its proof of solvency, cultivating greater levels of consumer trust in the broader blockchain and financial technology communities. While the first implementation is the Bamboo application, the technology has broad relevance and applicability amoung other industry veriticals including the traditional financial sector. We look forward to working with Albacore to accelerate the widespread adoption of proof of solvency.