Fidelity tests reward token based on Ethereum

  • Fidelity is in its first stage to test a reward token based on Ethereum.
  • The token will automate operations and encourage employees of a company to perform specific tasks.

Fidelity, a financial services company based in Boston, United States, has released a proof of an employee reward token based on Ethereum. According to Fidelity, the first stage of implementation has been successful.

Testing phase of the reward token based on Ethereum

Fidelity made the announcement through a press release. There, it disclosed details about the reward token based on Ethereum and its testing phase. The company partners with TokenSoft, a blockchain solutions company, and with Fidelity’s Center for Applied Technology’s (FCAT). The cooperation resulted in the standard token ERC-1404.

The token was released with the Bits and Blocks Club. This is an internal learning group focused on digital assets and blockchain technology of the FCAT. Once the token was released it was incorporated into TokenSoft’s token management platform. From there, it went on to a closed loop reward system. The goal of the system was to encourage Fidelity’s employees who participated in the trial to perform specific tasks. For example, to be part of activities and other events of the company.

According to the press release:

This ERC-1404 token is a standard designed to enforce complex regulatory requirements for blockchain-based assets such as whitelisting investors or approving users to send and receive the assets. TokenSoft clients use ERC-1404 to enforce a variety of banking, securities and tax regulations internationally as they pertain to digital asset securities.

Juri Bulovic of FCAT’s product management department also commented on FCAT’s cooperation with TokenSoft. He was enthusiastic about the achievements of the companies and about being able to use the blockchain technology to…

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