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XDC Network
Denominations
Code$XDC
Development
White paperxinfin.org/docs/whitepaper-tech.pdf
Development statusActive
Ledger
Ledger startJune 1, 2017; 7 years ago (2017-06-01)
Block explorerexplorer.xinfin.network
Website
Websitexdc.org

XDC Network is a hybrid Blockchain technology optimized for international trade and finance.[1][2] The XDC Network is powered by the native coin called XDC.[3][4] XDC Network was launched in 2017 by a Singapore-based technology company XinFin Fintech.[3] XDC Network is the first hybrid blockchain that combines the features of public and private blockchains with interoperable smart contracts.[5] The XinFin chain uses Delegated Proof of Stake (XDPoS).[6] XinFin has conducted projects in areas such as aviation, international trade, and others.[7]

History[edit]

XDC Network was launched in 2017 by Singaporean technology firm Xinfin Fintech.[8] It was founded by a group of entrepreneurs: Sameer Dharap, Peter Yeo, Jack Xu, Atul Khekade, Ritesh Kakkad, and Karan Bharadwaj.[3] In 2021, XDC Foundation was formed to promote and support ecosystem development across the network.[9] XDC Network became the first blockchain company to join the global Trade Finance Distribution (TFD) Initiative in 2021.[10] ComTech Gold token, built on the XDC network became the first gold blockchain company in the MENA region to receive Shariah certification in September, 2022.[11][12]

In 2022, XDC Network secured a $50 Million investment from LDA Capital in a token sale.[13][14] Xinfin collaborated with Tradeteq to launch TRADA tokens, the first regulated, trade finance-backed fungible security tokens on the XDC Network in 2022.[15][16][17] Major League Soccer’s (MLS) DC United announced XDC Network as their new shirt sponsor on a three-year deal in February, 2022.[18][19] In 2023, Indian DCB Bank announced that it was migrating its insurance system to the XDC Network.[6] KoinX, a tax calculation software company, integrated XDC Network to its platform in April 2023.[20]

TradeFinex[edit]

In December 2017, TradeFinex a decentralized platform that runs on XDC Network was launched.[3] TradeFinex is a peer-to-peer platform for trade finance originators to distribute deals to a wide range of bank and non-bank funders.[5][21] TradeFinex provides a marketplace for peer-to-peer trade and SCF transactions utilising cryptocurrencies.[22] The TradeFinex platform offers real-time cross-border payments and settlements via the XDC network.[23] According to a report by the World Trade Organisation, TradeFinex is commercially active with receivables discounting, letter of credit, securitisation, bank guarantees, and digital bills of lading applications.[21][22] In September 2018, XinFin was one of ten participants in the Abu Dhabi Global Market (ADGM)’s RegLab program to live-test TradeFinex with SMEs in the MENA region while working directly with government regulators to ensure compliance.[24][25] In 2020, ANZ Bank partnered with XDC to apply blockchain to its trade finance network.[26] Using XinFin's XDC network, the first non-fungible token transaction was executed.[26]

References[edit]

  1. ^ Kamakshi, Gupta (November 2019). "Blockchain in Operations Management" (PDF). International Journal of Scientific and Research Publications. 9 (11): 428.
  2. ^ "Xinfin Network's XDC Rallies by More Than 13% Despite Bearish Market". Yahoo Finance. 2021-12-30. Retrieved 2024-03-13.
  3. ^ a b c d "TradeFinex aims to minimise global infra investment deficit using its blockchain-powered P2P financing platform". Yahoo News. 2017-12-19. Retrieved 2023-12-10.
  4. ^ "Singapore-based XinFin Unveils Blockchain-powered TradeFinex Platform With India's Largest Trade Organization Assocham". markets.businessinsider.com. Retrieved 2023-12-10.
  5. ^ a b Atici, Gonca (2022). "The nexus of blockchain and governance: A use case of blockchain on trade finance. Risk Governance and Control". Financial Markets & Institutions. 12 (2): 56–64. doi:10.22495/rgcv12i2p5.
  6. ^ a b Alzoubi, Yehia Ibrahim; Mishra, Alok (2023-12-10). "Green blockchain – A move towards sustainability". Journal of Cleaner Production. 430: 139541. doi:10.1016/j.jclepro.2023.139541. hdl:11250/3102853. ISSN 0959-6526.
  7. ^ Attaran, Mohsen; Gunasekaran, Angappa (2019), Attaran, Mohsen; Gunasekaran, Angappa (eds.), "Blockchain Principles, Qualities, and Business Applications", Applications of Blockchain Technology in Business: Challenges and Opportunities, SpringerBriefs in Operations Management, Cham: Springer International Publishing, pp. 20–27, doi:10.1007/978-3-030-27798-7_3, ISBN 978-3-030-27798-7, S2CID 204163643, retrieved 2023-12-13
  8. ^ Bureau, BW Online. "Singapore based XinFin Unveils Blockchain Powered TradeFinex Platform". BW Disrupt. Retrieved 2023-12-13.
  9. ^ "History". XDC Network. Retrieved 2023-12-13.
  10. ^ "» XinFin's XDC Network – the First Blockchain Company to Join the Global TFD Initiative". Retrieved 2023-12-13.
  11. ^ "ComTech Gold CGO Becomes the First 100 Gold Backed Token to Receive Shariah Certification in the MENA Region". www.businesswireindia.com. Retrieved 2024-03-15.
  12. ^ Patnaik, Rhonita. "Fully gold-powered token to serve Islamic investors". Khaleej Times. Retrieved 2024-03-15.
  13. ^ Jose, Teena (2022-10-03). "The XDC Network Secures $50 Million From LDA Capital". Entrepreneur. Retrieved 2023-12-13.
  14. ^ "Startup Digest: Prosus terminates BillDesk's acquisition, XDC Network gets $50 mn from LDA Capital & Vance nets $5.8 mn in seed round". CNBCTV18. 2022-10-03. Retrieved 2024-03-13.
  15. ^ "Tradeteq to securitize trade finance receivables on the XDC Network". IBS Intelligence. Retrieved 2023-12-13.
  16. ^ Review, G. T.; Wragg, Eleanor (2023-08-02). "XDC partners with Singapore's IMDA, launches network to finance MLETR-compliant digital trade". Global Trade Review (GTR). Retrieved 2024-03-13.
  17. ^ "TFDI". www.tradefinancedistribution.com. Retrieved 2023-12-13.
  18. ^ Dixon, Ed (2022-02-22). "DC United seal XDC Network shirt sponsorship". SportsPro. Retrieved 2023-12-13.
  19. ^ "DC United names XDC Network as new principal jersey sponsor". SportBusiness. 2022-02-22. Retrieved 2023-12-13.
  20. ^ "KoinX tax calculation platform integrates XDC Network, an Ethereum scaling solution". Financialexpress. 2023-04-28. Retrieved 2024-03-13.
  21. ^ a b Patel, Deepesh; Ganne, Emmanuelle (2020). "ICC, TFG, WTO: the role of DLT on MSME firms in the international trade industry. Trade Finance Talks, pp 31–34" (PDF). World Trade Organisation. Retrieved 2023-12-13.
  22. ^ a b Ioannou, I; Demirel, G. (2022). "Blockchain and supply chain finance: a critical literature review at the intersection of operations, finance and law". Journal of Banking and Financial Technology. 6 (1): 83–107. doi:10.1007/s42786-022-00040-1.
  23. ^ Sriraman, Sairam; Wuttke, David; Rosenzweig, Eve; Babich, Volodymyr (December 4, 2023). "Blockchain-enabled Supply Chain Financing (BCF)". Georgetown McDonough School of Business Research. Paper No. 4653151.
  24. ^ "XDC Network empowers Dubai's ambition to transform into the Silicon Valley of the Middle East". gulfnews.com. 2023-06-14. Retrieved 2024-03-15.
  25. ^ Maurer, Pablo. "D.C. United's new shirt sponsor signals crypto's growing interest in MLS". The Athletic. Retrieved 2024-03-15.
  26. ^ a b Paul, S; Adhikari, A; Bose, I (2022). "White knight in dark days? Supply chain finance firms, blockchain, and the COVID-19 pandemic". Information & Management. 59 (6): 103661. doi:10.1016/j.im.2022.103661. S2CID 248671356.

External links[edit]

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