Real time global payments on blockchain
|Coordinator||HAJ ENTERPRISE AB|
|Funding from Vinnova||SEK 760 000|
|Project duration||March 2019 - December 2019|
|Venture||Innovationsprojekt i företag 2018|
|Call||Innovationsprojekt i företag - hösten 2018|
Purpose and goal
Today global transfers of money can take days to complete and on average the cost of international transfers are 7%. In addition trade in different currencies has risks associated to it since the different currencies can change in price between order and payment. In developing countries issues with unstable economy, high corruption, undeveloped banking system and high inflation exists. These affects global trade as well as for the citizens. HAJ Enterprise AB is building a decentralized transfer system based on blockchain, which provides cheaper, faster and more secure transactions.
Expected results and effects
The goal with the project is to enable integration of a decentralized and transparent blockchain for financial transaction. The effect of this solution makes it possible for international transactions to directly target the right people or organizations without money disappearing in intermediaries or corruption. This transparency and low transfer costs will enable increased trade and investments in developing countries.
Planned approach and implementation
The main goal of the project is to find business and integration partners for the project for a first prototype of the system. In addition governance in the system and contracts and revenue models between partners will be decided on. Investigations of possible legal challenges and routes to take will also be performed. Possible integration partners such as banks, remittance and trade companies will be evaluated to find the best alignment with the project.