Progmat, a leader in Japan’s digital securities sector, has shifted its entire operations from the Corda 5 platform to the Avalanche Layer 1 blockchain. This strategic transition is a key element of their expansion within the burgeoning digital asset landscape, impacting securities and assets worth more than ¥452 billion.
What Led to the Migration?
Project Keystone led this pivotal advancement, marking a major upgrade in Progmat’s digital infrastructure. By embracing a new mediator layer, Progmat is now capable of connecting with multiple distributed ledgers, thereby promoting flexibility and eliminating dependency on a single blockchain. Despite these changes, the essence of security token issuance and management remains intact, ensuring compliance in the regulated financial sphere.
EVM Compatibility: A Significant Milestone?
Indeed, the integration with Ethereum’s Virtual Machine (EVM) has been a vital milestone. Now developers can utilize Ethereum’s native tools, thanks to the progression from Java-based Corda code to Solidity. This evolution streamlines the process for those familiar with Ethereum’s framework. Importantly, financial transactions on Progmat’s platform are now accelerated, boasting a finality time of less than two seconds with Avalanche’s efficient infrastructure.
Progmat noted that while the system now supports EVM-compatible development, security tokens remain restricted and are not freely accessible through public crypto wallets.
Issuers faced minimal disturbances during the conversion, maintaining their pre-existing product attributes with ease.
- Migration executed seamlessly under Project Keystone.
- Avalanche delivers enhanced transaction speeds and EVM integration.
- Continued strict regulation maintaining financial compliance.
What Lies Ahead in Blockchain Settlements?
The updated system anticipates providing cross-chain settlement facilities, potentially involving stablecoins and tokenized bank deposits as well. To realize this potential, Progmat and Datachain are collaborating to develop solutions conducive to unified settlement processes across different blockchains.
Progmat emphasized the necessity of delivery-versus-payment services for cohesive operations within regulated asset spheres.
Operational integrity is bolstered through AvaCloud’s provision and alignment with SOC standards. As Avalanche’s ecosystem thrives, Progmat advances into newer research realms and partnerships, reflecting confidence in their upgraded blockchain framework.
