Decentralised transactions for open digital markets
What is the project about?
In the realm of decentralized and open infrastructures, challenges abound. Here, the absence of a central entity overseeing transactions introduces unique hurdles. In this landscape of openness, the transaction network demands collaboration from a specific community, necessitating agreement on the customization of generic functionalities. Specifically, what is needed is:
- Mechanisms to assure the trustworthiness of protocols and their implementations.
- Community governance processes that develop and assure the implementation of e.g. membership policies and support for evolution of the (domain specific) specifications.
Imagine a world where decentralized transaction protocols serve as gateways for banks and financial institutes, departing from traditional APIs. The narrative unfolds with limited interfaces replacing point-to-point interactions, harmonized by security and quality assurance, and orchestrated by distributed ledger technology ensuring accountability.
This project will delve into uncharted territories, exploring the untapped potential of decentralized transaction solutions. It is not just a technological pursuit; it is a quest also addressing Sustainable Development Goals (SDG 8 and SDG 9):
Within SDG 8's call to "Promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all" (source) our compass points to universal access to banking, insurance, and financial services. The narrative of decentralized transaction protocols unfolds as a keyplayer, supporting a flexible and electronically accessible avenue to financial service provisioning. Imagine insurances becoming tradable entities on online platforms, inviting clients to traverse the digital marketplace, comparing coverage and cost with ease.
This project will also tap heavily into the expansive landscape of SDG 9, dedicated to the development of electronic market infrastructures. Target 9.3 will become a guiding star in this project, as decentralized transaction protocols emerge as purposeful architects, meticulously designed to lower the entrybar to an electronically mediated market, with the aspirations of a sustainable and inclusive future.
Infosys who is one of the project partners is the 2nd largest IT company in India and also one of Copenhagen Fintech's corperate partners. It is the goal to onboard Danish fintech's during the project period as well.
IT University of Copenhagen
FIDE - Foundation for Interoperability in Digital Economy