Two Project Phases and Numerous Potential Paths Forward
The ADB has planned this project in two phases: design, scheduled to be completed by mid-2022, and prototyping, scheduled for the second half of 2022.
Designing a network of sovereign, yet interconnected, blockchains involves numerous engineering and governance possibilities, which the participating institutions and technology providers will cooperate to explore. The project results will be discussed with Cross-Border Settlement Infrastructure Forum members and ASEAN+3 officials, and a project report outlining potential future directions for the regional market infrastructure will be published. Alongside other groundbreaking cross-border settlements experiments such as Project Dunbar
, this project is expected to contribute significantly to the planning and development of the next generation of intra-regional market linkages.
"SORAMITSU's expertise in blockchain interoperability, stems from years of open source contributions in the Polkadot, SORA, and Polkaswap ecosystems. Applying concepts from permissionless blockchains to systemically important financial markets infrastructure is both challenging and rewarding," said Makoto Takemiya, the CEO of SORAMITSU Holdings and SORAMITSU co-founder.
This initiative is financed by the ADB Digital Innovation Sandbox Program
, a platform established in 2018 to foster cooperation between partners such as start-ups, academia, and the public and private sectors focusing on digital solutions for Asia and the Pacific.