Connecting the World’s Foreign Exchange Markets with Enterprise Blockchain Technology
Revolutionizing global foreign exchange markets with oneHypernet's blockchain-based ecosystem. OneHypernet is an innovative blockchain-based ecosystem that seamlessly connects global foreign exchange markets, empowering banks, corporates, and payment service providers with a real-time, standardized, and data privacy-centric platform. Recognizing its groundbreaking use of enterprise blockchain technology, the Monetary Authority of Singapore (MAS) awarded OneHypernet the prestigious Financial Sector Technology and Innovation (FSTI) grant.
OneHypernet's primary goal was to securely and efficiently connect global foreign exchange markets while maintaining data privacy. The main challenge involved establishing a global ledger connection that preserved data privacy, enabling users to access the system without navigating a complex chain of banking agents. Furthermore, OneHypernet aimed to reduce payment durations and lower cross-border fees for FX participants.
what we crafted
Design & Solution
Collaborating with Nordivo, OneHypernet designed a tailored solution leveraging enterprise blockchain technology, which facilitated market connections through a global ledger while preserving data privacy. This approach eliminated the need for a banking agent chain, allowing users to find the most efficient payment route from all permutations and granting customers direct access to local accounts. The OneHypernet ecosystem was developed using Corda Blockchain, Corda Conclave, Kotlin, Python, NodeJS, Express, and Microsoft Azure Cloud. Corda Blockchain served as the foundational blockchain technology, with Corda Conclave ensuring data privacy within a secure enclave. Backend development utilized Kotlin, Python, and NodeJS, while frontend development employed Express. Microsoft Azure Cloud provided hosting and scaling for the application.
Nordivo developed the OneHypernet ecosystem using a comprehensive approach that included decentralized applications (DApps), Corda smart contracts, multilateral netting algorithm research and development, and cloud infrastructure. This holistic method utilized a combination of Corda Blockchain, Corda Conclave, Kotlin, Python, NodeJS, Express, and Microsoft Azure Cloud.
Corda Blockchain served as the foundation for the DApps and Corda smart contracts, ensuring a secure and efficient system. Corda Conclave maintained data privacy within the secure enclave, supporting the decentralized nature of the application. Multilateral netting algorithm research and development played a crucial role in optimizing payment routes and reducing transaction fees for users. Backend development incorporated Kotlin, Python, and NodeJS, while Express facilitated frontend development. Microsoft Azure Cloud provided robust hosting and scaling for the application, ensuring a seamless and resilient cloud infrastructure.
The OneHypernet ecosystem enabled FX participants to connect and share data in real-time, with data privacy preserved. OHN's decentralized netting technology saved participants 96% of their cross-border fees while shortening the payment duration. The platform received recognition from the Monetary Authority of Singapore (MAS) in the form of the Financial Sector Technology and Innovation (FSTI) grant.
Working with Nordivo, OneHypernet successfully developed a secure, efficient, and scalable ecosystem that revolutionized global foreign exchange markets. The integration of Corda Blockchain, Corda Conclave, Kotlin, Python, NodeJS, Express, and Microsoft Azure Cloud offered the necessary tools and infrastructure for platform development. Nordivo's blockchain expertise ensured a top-tier solution. To learn more about the OneHypernet case study and how Nordivo can help your business harness the power of blockchain technology, contact Nordivo today.