This week at Consensus, portfolio company Axoni and Clearmatics demonstrated for the first time how a financial instrument can be issued via a smart contract on one blockchain network, and then transfer value to a second blockchain network. Though blockchain interoperability is in the early phases, it may ultimate become critical if blockchain is to replatform capital markets.
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Axoni, Clearmatics Claim Milestone for Blockchain Interoperability
The collaboration is significant also because of the clout of the players involved. Axoni, based in New York, is working with a wide range of leading financial institutions and infrastructure providers to move trillions of notional value in U.S. dollars onto blockchain tech across a variety of asset classes. Meanwhile, its partner in the demo, Clearmatics of London, is working with a consortium of banks and financial institutions to create digital fiat that is fully collateralized by cash at the corresponding central bank and transferable on a distributed ledger.
