The Asian Development Bank (ADB) published a paper about the result of "Project Tridecagon" to develop a prototype for cross-border securities transaction system in Asia and the Pacific. Fujitsu contributed to the project's success as a member of participating vendors with ConsenSys Software Inc., R3, and SORAMITSU Helvetia AG (SORAMITSU) using our blockchain technology "ConnectionChain" and open-source software “Hyperledger Cacti”.
Background
Currently, the cross-border securities transactions in the ASEAN+3 region are intermediated by financial institutions, such as custodians or correspondent banks. Those transactions processed through this chain of intermediaries result in an inevitable time lag. This time lag increases market risk and settlement risk.
ADB's "Project Tridecagon" aimed to solve this problem using DLT (Distributed Ledger Technology)/Blockchain to achieve efficient cross-border securities settlements.
Role of Fujitsu
The prototype for cross-border securities transaction system consisted of "ConnectionChain" and each DLT/Blockchain transaction system built by ConsenSys, R3, or SORAMITSU that is assumed for a local securities transaction system for each country (See Fig. 1).
Designed cross-border securities settlement model using DLT/Blockchain requires at least three tokens that are tokenized to execute the settlement of a bond. They are "bond token", "cash token for local currency", and "cash token for foreign currency". However, existing token exchange solutions can settle only the exchange between two types of tokens.
Fujitsu’s "ConnectionChain" could solve this problem. ConnectionChain enables secure and flexible integration of multiple DLTs/Blockchains. ConnectionChain contains a dedicated Blockchain ledger inside, and its extended smart contract can control smart contracts running on external blockchains and traditional WebAPIs. This means that it is possible to integrate any legacy non-DLT/Blockchain-based financial system into the DLT/Blockchain-based financial system to enhance its functionality.
We used "Cacti Ledger Plugin (LP)" to operate multiple DLT/Blockchains easily. Cacti LP reduces operation costs of multiple DLT/Blockchains by abstracting functionality difference among DLT/Blockchain solutions. Cacti LPs are part of the deliverables of the Hyperledger Cacti project, which is an open-source project contributed by Fujitsu's researchers as core developers.
Source - Fujitsu
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