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Elproma on ESMA MiFID II London Workshop

2016-05-22

Elproma presents report of time gap risks during 2nd international ESMA MiFID II worksop in London (UK). This workshop reports results from a Horizon 2020 research project DEMETRA undertaken by a consortium composed of 15 organisations from 7 EU member states, co-funded by European Commission.

Not being able to control client time synchronization can lead to serious business and legal implications. How can one ascertain at all that an event at a client side has occurred in a valid time? We propose a conceptual and technological framework, together with necessary tools, to define and implement VALID TIME, which we define as a time interval which lower and upper values can be determined depending on a given purpose, market or use case.

We also propose a business model where TIME can be commercially offered as an auditable service.

  

Today time is provided under the same model as electricity or any other utility. Computers can receive time signal from Ethernet sockets at offices or homes, or from wireless networks, including satellite systems. However, if we could distribute time in a way that it can be verified remotely as VALID/INVALID at a client side, we could offer added-value services/systems such as TRUSTED TIME DISTRIBUTION, and remote TIME AUDITING. In today’s world, where safety and security play critical role in B2B (Business to Business), B2C (Business to Consumer), and B2G (Business to Government) applications, markets at both local and global level should be ready to pay for these.

 
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