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SofiWay e-krona Project Shortlisted; Sofitto Invited Back for Dialogue with Swedish Government

ofitto’s e-krona proposal, developed in partnership with ChromaWay, a company building blockchain technology for governments and the financial sector, has been shortlisted by Sweden’s central bank Riksbank. The proposal was shortlisted alongside those by heavy-hitters like Visa, IBM, Ericsson and the IOTA Foundation. These solutions were evaluated by Riksbank as the most interesting, and companies have been invited back for dialogues as part of the second stage of the e-krona project.

As cash is being used less and less across the globe, the Swedish government is paving the way for the future of currency. Right now, the central bank is looking into its technical and legal options for issuing a digital complement to cash that is guaranteed by the state, the e-krona. Riksbank is interested in making the e-krona available to the general public as part of a safe and efficient, next-generation payment system.

Sofitto and ChromaWay presented Riksbank with SofiWay, a blockchain-based network for instant clearing and settlement of payments. SofiWay has a built-in flexible and extensible architecture, capable of supporting a complex ecosystem of applications and integrations.

SofiWay is a register-based money (ledger) base system, making it highly flexible yet resilient. As part of SofiWay, Sofitto will provide the last mile solution to bring blockchain metadata through the existing financial infrastructure to end-points (POS, ATM), middleware for blockchain data conversion, and smart cards and mobile phone wallets for users. The system will run on ChromaWay’s Postchain, a private high-throughput blockchain.

As SofiWay is based on blockchain technology, it is distributed, making it highly resistant to cyberattacks. It is much more cost-effective and tamper-proof, instilling a higher level of trust among users. The blockchain makes interoperation easy, leaving room for third parties to develop innovative products on top of the system.

Riksbank received a total of 33 proposals. Each was evaluated in line with a wide range of criteria including scope, reference, experience and architecture.

Riksbank is in the second of three stages of the e-krona project. As part of the second phase, Riksbank will polish the e-krona concept further. In 2018, Riksbank is slated to begin drawing up regulations and agreements for the e-krona system. Riksbank could begin developing the e-krona system as early as next year.

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Merging blockchain with traditional banking infrastructure

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