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
The purpose was to evaluate a decentralized payment system based on blockchain, with the aim of enabling cheaper, faster and more secure transactions. The work was divided into 4 work packages - evaluation/testing, regulatory/compliance, prototype development and integration of partners. The targets were met and at the end of September, the first payments could be made - from a party in Sweden to a party in Bangladesh, at a cheaper rate than today´s traditional system.
Expected results and effects
The effect of the project has been proven in a limited test environment with an objective that the technology should be launched on a larger scale in Q2 2020. Reduced costs and traceability could be proven. The traceability of the system will also be expanded to create a longer value chain for added value with regards to AML and KYC. In the future, the project will be able to generate major positive effects on the UN´s sustainability goals and create a more equal economic system.
Planned approach and implementation
During the implementation, several integration partners were found and the needs of the customer segment were determined. Together with partners, a prototype has been developed. Transactions have been carried out with these partners. After this part, work began on developing control systems for the system, but also on how agreements and licensing of the system should be implemented. Financial regulations, as well as compliance eligibility requirements, have also been reviewed and no obstacles to the commercialization of the technology have been found.