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Project Members
1. Adam Retkes - CBDC researcherAdvisor
2. Daniel Nagy - CBDC researcherAdvisor
3. Daniel Szego - DLT Architect
4. Balázs Héder - Blockchain specialist and researcher
5. Mate Brezovszki - digital currency and neobank expert
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Currently an international wire transfer has to go through a chain of correspondent banks to reach the beneficiary. This correspondent banking system has not changed much in the last 50 years since the SWIFT system was introduced. Cross-border money transfer faces serious frictions that have to be mitigated in order to stay competitive in the fight of stablecoins and other crypto assets. The most important correspondent banking frictions are the following:
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Cross-border wholesale CBDC might provide a good solution to the problem. Typical use-cases like payment versus payment, or payment versus delivery provide solutions to cross-border and cross-national value exchange. It might be surprising though implementing such a use-case in an open-source fashion having DLT as core technology, as most the current crossborder payment systems run with direct message exchange protocols, like SWIFT or TARGET2 in a pretty private fashion. We believe however that DLT is actually the fastest developed transactional technology on the planet. With Hyperledger Besu efforts of both the Ethereum and Hyperledger communities are combined into one direction. Besides, other initiatives also exist for open-source CBDC systems, like the recently published OpenCBDC platform from M.I.T.
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