Atul Khekade presents TradeFinex and XinFin Hybrid Blockchain at BFC 2018 North America
Mr. Atul Khekade, Co-Founder and Head of Ecosystem Development at XinFin recently attended Blockchain for Finance Conference 2018 in North America (BFC 2018 NA) where he presented TradeFinex and XinFin Hybrid Blockchain to more than 150 blockchain and finance professionals.
At the BFC 2018NA, Atul started off by introducing XinFin and TradeFinexfollowed by the constraints global trade and finance market is facing due to lack of cross-border jurisdiction and high regulations. He explained how asset digitization over blockchain helps move things quickly and how an effort has started for digitizing bill of lading and letter of credit which helps banks and financial institutions improve their processes.
Atul also discussed the disruptions in global trade finance including Fintechs, Enterprise market, ERPs, Financial/Asset Managers, Settlement systems, trade and finance consortiums, access to big data and how each one is speeding up innovation.
Atul explained the reason for using XinFin Hybrid Blockchain platform in place of any public and private platforms which were way too public or private respectively. Private blockchain didn’t have a public trust layer and the public blockchains were too public or decentralized for the enterprises to work with them. As opposed, XinFin Hybrid Architecture is enterprise-friendly and has the least interference with law and compliance systems. Built on same virtual machine specifications of Ethereum yet operating independent of Ethereum, XinFin Hybrid Blockchain runs on delegated proof of consensus where an existing set of validators approve the next delegators coming in and KYC/AML are present on the nodes itself.
Instant Block Finality makes XinFin Hybrid Network an effective trust and interoperable network. Having done some live deployments, XinFin’s Private Consortium Network involves multiple private parties which are not necessarily friend but can be competitors sharing data amongst them with smart contracts built on top of them. XinFin also takes care of strict data hosting norms and hosts financial institutions’ data a very secure cloud giving this network a hybrid status. While public layer gives instant block finality and public trust, users can build relay bridges across any other blockchain-private or public, hence allowing you to tune into any other blockchain network for liquidity or for cross-border jurisdiction, law and larger trust network.
XinFin Hybrid Blockchain works as an effective conduit for liquidity as the private networks run by the banks and financial institutions are well-connected to the liquidity which today only comes from exchanges that are highly regulated. However, exchanges across the globe are finding it difficult to get regulated, so through a hybrid kind of network allows you to be an exchange yourself.
XinFin Protocol is designed keeping in mind the communication layer which can be utilized by multiple parties and interoperability with not only existing legacy systems but the blockchain based platforms too. Supporting the ISO 20022 standard, XinFin protocol can speak the language of core banking systems, ERP systems, SWIFT systems and different kind of data that comes across systems. XinFin protocol operates smoothly with centralized switching and makes it far more distributed and distributed across the parties in the private network as well. One of the most important factors in the blockchain space like why is blockchain getting all the attention. It’s because of liquidity. It is liquidity that makes blockchain real blockchain because other use cases are not really proven but it is the liquidity that’s most proven here. So, the XinFin protocol is designed to be interoperable with FIAT currencies or stable coins.
He talked about TradeFinex and extended set of APIs to the audience out there inviting them to have platforms styled with very basic features, sharing XinFin’s common data standard, sharing XinFin’s decentralized credit data across different fintechs, banks, sharing different KYC data. XinFin is also implementing zero knowledge proofs. This is a github url and we are going to be adding more APIs over the next 2–3 months. There are some of them which are live already. Link:https://github.com/XinFinOrg/TradeFinex_API
He mentioned how XinFin has already got across 8–9 regulators for SandBox environment and have even got RegLab Sandbox license from ADGM. He wrapped up the session discussing the need to have standardization and real customers and how global trade and finance business and platforms can be fairly distributed and decentralized when built atop trustless system.
XinFin invites the Fintechs and SMEs banks, financial institutions, fund/asset managers to come and join us. We already have a Sandbox environment to do live transactions, we have live APIs and want you to build standardization around it and gradually roll them out into production. We have approached several regulators around the world which will help us prove ourselves not only in one particular jurisdiction but all other jurisdictions, So, if you are looking for consortium membership or if you are looking for standardization or want to build it around regulators, XinFin can give you the platform for it.
For more information on TradeFinex please visit: www.tradefinex.org
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XinFin Hybrid Blockchain [XDCE] www.xinfin.org
Originally published at www.youtube.com on November 26, 2018.
