Provenance was built by the team at Figure.

Figure is a venture-backed private blockchain holding company. Figure’s businesses include lending, asset management and banking and payments, all powered by the Provenance blockchain.

Provenance is a distributed stakeholder blockchain whose original underpinnings were IBM’s Hyperledger Fabric. Figure significantly modified the stakeholder function, eliminating the need for data to go to the stakeholders, replacing it with checksums to validate transactions. This addressed both the speed and security issues in Hyperledger Fabric. Today, Provenance is the leading financial services blockchain.

While Figure built Provenance, it is decentralized and any agent can use an API to write smart contracts on the blockchain. Figure has built an ecosystem on Provenance that includes omnibus banks, marketplaces, investor passporting, etc. and allows for open access to this ecosystem.

Figure maintains an active economic interest in Provenance, given it’s Hash ownership. Figure regularly onboards new members onto Provenance while using its own business to de-risk new use cases and demonstrate the economic benefit of blockchain.