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Richard Crook, LAB577 founder, and Atul Khekade, XinFin founder, discuss the interoperability challenge across blockchain networks and how LAB577’s DASL has created a bridge for Xinfin’s XDC.
Significance of bridging blockchain networks:
There is currently no liquidity or token of value on the Corda Network. Simultaneously, startups with native (e.g. XDC on the XinFin network) or Ethereum based tokens (e.g. any ERC20 or ERC721 token) do not have access to the business networks and financial institutions on the Corda network.
Companies using digital currencies cannot interoperate with the business networks or Financial Institutions on Corda, which is a blockchain of choice for regulated financial institutions with numerous examples including HSBC, ING, Visa, SIX, and many more.
Startups and companies issue a cryptocurrency to raise capital. They have to do this on a network that has liquidity so often choose Ethereum protocols or their native network. However, interoperability with other networks, including Corda, is a challenge.
LAB577's DASL has built a Crypto Bridge feature to wrap native tokens to the Corda network with a Hash Lock Time Contract.
This cryptographic guarantee removes the need for trust in the bridge provider by ensuring the owner can recover their assets should an external error occur.
This opens up the opportunity for traditional financial institutions to hold cryptocurrencies without having to be engaged on anonymous public networks.
Meet Richard Crook:
Richard leads a team of engineers and innovators looking at emerging technologies and their application. His current focus is on the application of distributed ledger technology including blockchain. Richard has a 20 year career in investment banking technology, specialising in the building of financial ledgers and regulatory reporting for the largest financial service institutions.
Connect with Richard:
Visit LAB577:
Meet Atul Khekade:
Atul is the Co-Founder of TradeFinex Tech Ltd. (A ADGM Regulated Entity part of 37 Regulator driven GFIN) and XinFin Network.
He has led formation of the first production blockchain network (valued at nearly $100M) for a consortium of Indian banks and financial institutions for fraud prevention in Trade Finance industry. This is also the first live production blockchain network in the world that is fully legal and compliant with laws of the land and is actively used in day to day life. SWIFT is currently Piloting on this network.
Connect with Atul:
Visit Xinfin's XDC: