Datachain and Soramitsu Partnership
Datachain and Soramitsu Successfully Achieve Interoperability Between Hyperledger Iroha Blockchains for Simultaneous Exchange of Different Digital Currencies
Datachain, Inc. and Soramitsu Co., Ltd. have successfully completed a demonstration that achieves interoperability using IBC for Hyperledger Iroha, to which Soramitsu initially contributed. The primary use case is the simultaneous exchange of different digital currencies.
Since the beginning of the technology collaboration in November 2021, Datachain and Soramitsu have jointly promoted efforts to achieve interoperability for Iroha, one of the Linux Foundation’s Hyperledger projects which was initially contributed by Soramitsu.
As a result of these efforts, Datachain and Soramitsu have now successfully connected multiple blockchains (interoperability) built on Iroha.
Technically, Suramitso used “yui-ibc-solidity” (Solidity implementation of IBC) of Hyperledger Lab YUI, an interoperability project led by Datachain. On top of that, the platform implemented ICS-20 (a standard that defines token transfer in IBC) in Iroha, as well as a web3-gateway implementation to support the web3 API.
yui-ibc-solidity
https://github.com/hyperledger-labs/yui-ibc-solidi…
iroha-ibc-modules
https://github.com/datachainlab/iroha-ibc-modules
Use Cases
Hyperledger Iroha has already been put to practical use in digital currency projects such as:
- ● Bakong, the CBDC in the Kingdom of Cambodia
- ● Byacco, the regional digital currency in the University of Aizu, Japan
- ● Digital Tokutoku Gift Certificate, a digital gift certificate of Bandai-Cho, Fukushima
Prefecture, Japan - ● Digital Gift Certificate with Toyonon Premium, a Digital gift certificate for the Osaka Toyono-cho Smart City
Other initiatives by the Osaka Prefectural Government to achieve a public-private partnership to realize a super city include the introduction of a digital currency using LITA, a digital currency-issuing SaaS platform built using Iroha.
In addition, stable coins have been defined as an electronic means of payment by the Working Group on Funds Settlement of the Financial System Council. The Payment Services Act and related laws and regulations are expected to be amended by as early as 2023.
Future Plans
In the future, Datachain and Soramitsu aim to apply Iroha to specific use cases, focusing on the aforementioned expected use cases. In addition, Datachain and Soramitsu will expand use cases by supporting interoperability with heterogeneous blockchain infrastructures, such as Corda, mainly used in financial projects, including digital currencies.
What is YUI, a Hyperledger Lab?
YUI is a Hyperledger Lab that achieves interoperability between multiple heterogeneous blockchain platforms through IBC. As YUI adopts IBC, it enables different blockchains to communicate with each other without requiring trust in any third-party intermediaries.
What is Hyperledger Iroha?
Hyperledger Iroha was released as a blockchain platform from Japan and is now used worldwide as OSS by The Linux Foundation. It is not only used for financial applications in digital currency such as CBDC in the Kingdom of Cambodia, but also for blockchain applications such as Digital ID and traceability due to its eatures such as easy management of assets, provision of a library for mobile app development, and easy integration into IoT devices.
- IBC: Inter-Blockchain Communication. A specification standard to ensure interoperability between blockchains, is being developed by the Interchain Foundation and the Cosmos Projects
- PVP settlement: Abbreviation for Payment Versus Payment settlement. Simultaneous settlement of transactions between different currencies.
ABOUT DataChain
DataChain is a contributor of Hyperledger Lab YUI. Built with Cosmos IBC, YUI achieves interoperability between multiple blockchains.
ABOUT Soramitsu
SORAMITSU is a global technology company delivering blockchain-based solutions for enterprises, universities, and governments. From the creation of domestic and cross-border payment systems, to the development of our own decentralized autonomous economy, our projects and use case studies represent the next-generation of fintech
RESOURCES
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