XDC Network and Corda Blockchain Platforms Interoperability Trial Initiated

The XDC token has effectively finished a business-to-business (B2B) fiat settlement experiment. SBI XDC Network APAC and SBI R3 Japan carried

The XDC token has now completed a business-to-business (B2B) fiat settlement experiment. SBI XDC Network APAC and SBI R3 Japan conducted the innovative experiment, and SBI Group announced the results on May 31, 2024. Commencing in December 2023, the experiment utilized Corda Bridge technology and the Corda blockchain.

This project serves as a pivotal point in the strategic alliance between SBI Group and the XDC Network. On May 31, 2023, SBI VC Trade began handling Japan’s first cryptocurrency, XDC.

Blockchain Platforms Interoperability Trial Initiated

Connecting two distinct blockchain platforms—the XDC Network, a layer-1 public blockchain suited for private chains, and Corda, a private blockchain renowned for its interoperability and privacy—the latest trial aimed to test the feasibility of using the XDC token for fiat settlements in B2B transactions. The Corda Bridge facilitated the linking of different platforms, enabling a comprehensive settlement process that covered both public value transfers and private transaction data.

During the testing, entities within the SBI Group acted as both exporters and importers, demonstrating the simultaneous processing of transaction information approval and settlement. This proof of concept (PoC) ascertained the capability for near-instantaneous remittance between parties, highlighting the potential to drastically reduce the time and costs involved in international commerce activities.

From a technical standpoint, the trial confirmed the independent application of the components of the CorDapp and Corda Bridge. It was ascertained that the CorDapp could generally be integrated with XDC payment capability into other use cases beyond the tested settlement scenario.

The results of the first hybrid PoC, integrating the XDC Network and other blockchains, suggest that it can be used to seamlessly transfer value across multiple blockchain platforms.

? XDC | R3 https://t.co/n557onhNhW

— ?Crypto Eri ?Carpe Diem (@sentosumosaba) May 31, 2024

SBI Group has noted the necessity for further testing to ensure the system’s robustness in facilitating near-instantaneous intercompany settlements. This would entail addressing concerns regarding the volatility of XDC prices and currency exchange rates. However, such an approach would require partnerships with cryptocurrency exchanges, and numerous details would need to be ironed out.

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