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This white paper showcases the solution the Exactpro team worked on for submission in the SWIFT Hackathon 2022 – Interoperability challenge.
Introduction
DLT is rapidly claiming its place in the global fintech landscape, penetrating the most critical industry use cases. The multitude of DLT frameworks available brings not only the promise of more financial freedom, but also the challenge of harmonising them from the technical, as well as the regulatory standpoint, to truly guarantee transaction security and transparency. If not taken into account, these aspects could result in DLT jeopardising the payments ecosystems both nationally and internationally. Setting up a single inter-DLT framework seems like a viable solution to address the risks and allow more users to access the technology.
Addressing DLT Disparity
Our proposed cross-chain swap platform represents a new DLT-based payments ecosystem with the “inter-token” (interoperable token) at its heart. Inter-token is tradable across all blockchains that are part of the ecosystem and can be traded freely within the ecosystem in a single transaction. In contrast to the current widespread implementations of cross-chain payments, having a trusted ecosystem eliminates the need for using Hashed Timelock Contracts (HTLC) and having to mitigate the associated drawbacks.
A unified platform – featured above – would help increase transaction speed, streamline national and cross-border payments, and reduce end-user costs of maintaining separate accounts on separate blockchain implementations, among other benefits.
We invite you to review the solution architecture and benefits in more detail on the slides below.