Fintech consulting firm Cartan Group LLC announced it is working with blockchain platform Algorand to develop financial tools and products on the Algorand network that will promote fintech adoption at an institutional level.

While blockchain adoption has been limited to date, mainly because of immature technology, Cartan said in a press release, the Algorand Foundation’s network launch earlier this month provided the foundational infrastructure, in terms of speed, distribution and scalability, that global financial networks require.

This would pave the way for real world use cases and widespread adoption of a distributed financial network.

Cartan is collaborating with Algorand, the first permissionless and pure proof-of-stake blockchain, to further decentralise the Algorand network; to build financial products on top of the Algorand network; and to expand Algorand’s fast-growing global presence to the Cayman Islands.

Cartan said it had selected to work with Algorand because of its ability to achieve decentralisation, security and scalability all at once.

This was not possible with previously available technology and is often cited in the industry as a key requirement for the widespread adoption of blockchain, particularly in the financial services industry.

“We have seen a growing demand around the world to adopt and implement blockchain solutions. Our client base, which includes several global financial technology leaders, is ready for the next step in realising the potential and opportunity that blockchain can bring to the financial industry,” said Brian Tang, co-founder of Cartan.

“Partnering with a highly-regarded network like Algorand is an opportunity to bring next generation technology to our client base.”

Steve Kokinos, CEO of Algorand, said the launch of the Algorand network marked the start of an original economic model that uses a unique combination of consensus-driven blockchain technology and economic incentives to ensure absolute fairness and broad participation in a new borderless economy.

“Cartan, with its unique experience in helping clients embrace the most cutting-edge innovations to evolve their business, is well positioned to bring their client community into this new era,” he said.