Overview

The Palisade address book provides a place to securely store external counterparty and address information.

The address book acts as another layer of security for your digital assets by ensuring that only legitimate and authorised addresses can receive assets from your wallets.

What is a counterparty?

A counterparty is an external party involved in a transaction.

There are 3 types of counterparty:

Decentralized Application (dApp): A dApp operates on a blockchain network through smart contracts.
Individual: A single person (e.g., a friend).
Organization: A company or entity (e.g., a merchant, exchange, or other business).

What is an address?

This is a unique digital address that is used to identify an on-chain wallet.

It is similar to an account number that identifies other parties in traditional banking transactions, but instead it exists on the blockchain network.

For example, an address may look like this: 0x55502b9d5a68b0F8a48384352295BeD968aD8AA4.

🚧
A counterparty can have multiple blockchain addresses. Be careful that you are transacting with the correct address.

Benefits of address book

Global by default
Address book entries are global by default, meaning they can be linked to any wallet across the platform via its policies. This feature increases efficiency by removing the need to create separate address books for each wallet.
Enables counterparty record keeping and management
The address book enables users to clearly and easily keep track of all counterparties and corresponding addresses in a single location.
Ensures regulatory compliance
The address book ensures users are compliant with the EU’s Transfer of Funds regulations. These regulations, which came into effect on 30 December 2024, require custodians and wallet providers to provide and check for ‘travel rule data’, or counterparty information, for inbound and outbound transactions.

❗️
EU regulation dictates that you must ensure counterparty information is accurate and true when making transactions. The Address book provides a method to accurately record and store this information.