SBI XDC Network APAC Co., Ltd. and SBI R3 Japan Co., Ltd. have successfully completed a proof-of-concept experiment.
The PoC demonstrated that value through a digital asset can be transferred through different distributed ledger technologies (DLT), XDC Network and R3 Corda platform, as a form of payment to improve efficiency and facilitate business-to-business settlement in commercial transactions.
In addition, to deepen the cooperation between the XDC network and Corda within the SBI Group and to expand the use cases of the Corda bridge, the ownership of the Corda bridge used in this experiment will be transferred today from the current IMPEL GLOBAL to the company joint venture SBI XDC Network APAC Co., Ltd.
The partnership between the SBI Group and the XDC Network, which began on May 31, 2023, with the launch of the first domestic handling of the XDC cryptocurrency by SBI VC Trade Co., Ltd. will be entering her second year.
This experiment connected two different DLT platforms using the Corda Bridge: the private Corda blockchain, which emphasizes privacy and excels at interoperability and scalability for transactions between companies, and the XDC Layer 1 hybrid public blockchain network, which aims to streamlining trade finance and highly compatible with private chains, focusing on business-to-business use.
The experiment involved making legal currency settlements through intercompany transactions using the native token “XDC”. , which enables the unified execution of direct settlements, which includes both private domains such as transaction information and public data such as value transfer, resulting in an efficient and smooth settlement method for international trade transactions, offering advantages in both significantly reduced settlement time and savings cost compared to legacy traditional payment transactions.