XinFin finances solar plant using Blockchain technology
A Singapore-based Block-chain Technology Company, XinFin, which focused on international trade and finance across the globe, recently demonstrated the financing of a solar plant using their hybrid blockchain technology.
Speaking at the Confer Global Blockchain Technology Summit, Sameer Dharap, Vice-President – Blockchain Applications and Karan Bharadwaj, CTO of XinFin revealed how project contracting and financing can be powered using Blockchain technology. The simulation involved digitising and representation of the solar plant on XinFin hybrid blockchain. The beneficiary and the financier entered into a smart contract over XinFin blockchain platform and payment in form of XDC tokens was released to the beneficiary towards financing of the solar plant. The IoT (internet of things) integration of the plant provides visibility and real-time reporting of the plant performance. As the power is produced, a wallet transfer is triggered from the beneficiary to the financier towards repayment.
The simulation highlighted that any project including those of natural infrastructure importance can be financed peer to peer without burdening the government treasury. Demand for cross-border finance can be met by greater co-operation between governments and blockchain capital by creating innovative models of finance.
With an aim to bridge the global infrastructural deficit with their open source marketing platform – TradeFinex (www.TradeFinex.org), XinFin has created a seamless platform for financiers, suppliers and beneficiaries across industries worldwide. The primary goal of XinFin is to efficiently facilitate capital deployment and minimise pressure on the infrastructural deficit by enabling a peer to peer trade and financing between governments, corporates, communities and suppliers. They use blockchain and IoT to enable the transaction of community-driven digital assets.
TradeFinex is their highly scalable, secure and commercial grade blockchain platform that has combined the best features of Ethereum, Quorum and Ripple. XinFin’s blockchain is powered by their proprietary XDC01 protocol where underlying XDC tokens can be traded against FIAT currencies and other cryptocurrencies and acts as an underlying settlement mechanism. All transactions and smart contracts are aided by XDC tokens for an easier and seamless settlement. This has enabled XinFin to broaden their services across industries like aviation, pharma, healthcare, solar energy and clean tech, industrial automation, and so on.
Customer-centric XinFin Blockchain is focused on solving real world problems and improving efficiency. Blockchain and IoT based customised solutions are being deployed across business process re-engineering, supply chain, financing, procurement and settlement. XinFin will map real-world projects with Blockchain-based smart contracts thereby enabling peer-to-peer decentralised or centralised trade or transactions.
XinFin’s Blockchain platform offers integrated wallet solutions to enable real time payment and settlement across the globe. The wallet services can be utilised by individuals, corporates, and financial institutions to facilitate cross-border, real-time payments for trade, financing and remittances. Built on the highly-evolved XDC protocol, the wallet offers secure and high transaction throughput making it an ideal solution for real world transactions.
The blockchain technology firm is already in talks with several regulators across the country to collaborate for new infrastructure projects. They are currently working on 10 pilots for the clients across Singapore, India, USA and Europe and plan to expand to Africa, Latin America and the Middle East by early 2018.