SBI XDC Network APAC Co., Ltd. and SBI R3 Japan Co., Ltd. have successfully completed a proof-of-concept experiment.
The PoC proved that value via digital asset can be transferred over different distributed ledger technologies (DLT), XDC Network and R3 Corda platform, as a form of payment to improve efficiency and facilitate inter-business settlement in trade transactions.
Furthermore, to deepen the collaboration between the XDC Network and Corda within the SBI Group and to expand the use cases of Corda Bridge, the ownership of the Corda Bridge used in this experiment will be transferred today from the current IMPEL GLOBAL to the joint venture company SBI XDC Network APAC Co., Ltd..
The partnership between the SBI Group and the XDC Network, which started on May 31, 2023, with the launch of the first domestic handling of the XDC cryptocurrency by SBI VC Trade Co., Ltd. will enter its second year.
This experiment connected two different DLT platforms using the Corda Bridge: the private blockchain Corda, which emphasizes privacy and excels in interoperability and scalability for inter-company transactions, and the hybrid Layer 1 public blockchain XDC Network, which aims to streamline trade finance and is highly compatible with private chains, focusing on use between companies.
The experiment involved conducting legal currency settlements via inter-company transactions using the native token “XDC.” , allowing for one-stop execution of instant settlements, encompassing both private areas like transaction information and public data like value transfer, resulting, in an efficient and smooth settlement method for international trade transactions, offering advantages in both significantly reduced settlement time as well as cost savings compared to traditional legacy payment transactions.
