I had the pleasure to speak with Karan Bharadwaj, CTO and co-founder of XinFin Networks, a blockchain aiming at solving drawbacks in the existing blockchains. Karan also founded linkDapps, a blockchain consultancy firm that has worked with esteemed clients across the field of blockchain technology.
- How can you simply describe the XinFin blockchain?
The other co-founders and I have been looking at blockchain technology for a while and we know the problems with public blockchains like Bitcoin and Ethereum. We also have done extensive research with private blockchains like Fabric and Quorum.
We firmly believe that the future of blockchain technology lies in the hybrid format wherein you have a public blockchain that has its own token that can be traded. The XDCE token can be traded on international exchanges today and this utility token can be used for use case and products offered by enterprises and other institutions. These institutions play a very important role in keeping the public state running as they are also a part of the consensus mechanism through special nodes called master nodes. This hybrid architecture of blockchain, developed here at XinFin, will tremendously enhance the business operations of enterprises.
- You’ve mentioned that XinFin employs a hybrid blockchain format, what is that all about?
It’s based on XDC protocol and the currency token used for it is called XDC. It is a hybrid blockchain which means that it maintains both a public state as well as private state. This ability makes XDC blockchain perfect for the various enterprise use cases because organizations may prefer to keep their financial transactions private but still be verifiable by an immutable record on the public state of the blockchain. This need is fulfilled by the XDC blockchain where the details of the transaction are available only to the involved participants but the same transaction can easily be verified because of its digital record on the public state of the blockchain.
- The XDC blockchain Protocol is fork out of the Quorum and Ethereum blockchains, why did you choose the two to build XinFin Network?
The powerful smart contract functionality that exists in the Ethereum protocol is easily accessible through Quorum. Secondly, the fairly high throughput compared to public blockchains is essential for any scaling needs for high volume businesses. Finally, the ability to reuse the substantial development dedicated to the Ethereum protocol makes the choice of Quorum as our base implementation very appropriate. Every day we are working extensively to make XDC protocol more Enterprise and tech community friendly.
- How does this hybrid technology compare to Bitcoin’s and Ethereum’s technology?
Currently, existing coins as well as new ones coming to the market are built on public blockchain network and are used mostly for peer to peer transactions. The publicly available databases, high volatility of the currency, and issues pertaining to miners make most use cases impossible on the public blockchains.
Ripple, Hyperledger Fabric, and R3’s Corda are some permissioned blockchain codebases that can be used to create solutions on the technology. Ripple (XRP) has semi distributed servers which facilitate seamless settlements between inter banking transactions. Corda is a distributed ledger platform designed to record, manage and automate legal agreements between business partners. The Hyperledger project is an open source collaborative initiative under the Linux Foundation.
- What impact should we expect XinFin to have in the multi trillion dollar international trade industry?
XinFin blockchain protocol is all set to act as a ledger solution for accredited and compliant institutions that face problems in the annual $3.7 Trillion infrastructure financing market and narrow the annual $1.6 Trillion of trade financing deficit. While we have laid all the building blocks and foundation, our efforts at strengthening the XDC01 protocol and its business applications is going to be a continuous process. We are backed by a strong blockchain engineering and development team and a seasoned marketing, advisory and business team having experience in international project management, consulting, deal advisory, trade and financing. Through TradeFinex platform rollout, the idea is to leverage the features of blockchain platform to connect the Financiers and Suppliers with the Beneficiaries, in a secure environment, thereby allowing them to transact trade and finances against certain secured digital assets like XDC token.
- What other sector(s) in the economy is XinFin looking forward to diverge into?
Products and solutions built the XinFin blockchain can be applied to various industry sectors to improve their business process efficiency. We are currently working on several industrial projects in banking, power, solar, tourism, aviation, supply chain logistics and other sectors. The customized solutions are being deployed across business process re-engineering, supply chain, financing, procurement, reconciliation, settlement and other areas. The solutions can be non-tokenized [without use of XDC] or tokenized [using XDC token or local Fiat currency] depending on the use case and business application.
- The institutional partnership with Ramco Systems, what is it all about?
Ramco Systems is a major ERP solutions company with clients across Asia, North America, Australia, and Europe. We are Ramco’s tech partner, so we provide blockchain expertise and the ability to build blockchain applications for their clients.
- Any new development projects to be released in the near future?
One of the flagship distributed application or dApps is TradeFinex which is a global finance platform. TradeFinex is essentially a marketplace where suppliers, beneficiaries, and financiers come together. Financiers are people who bring the money, beneficiaries are enterprises like government who are getting infrastructure made, while suppliers are the ones helping build the structure. These three entities get together on this marketplace and to come aboard an agreement which otherwise can become very messy in the existing ecosystem. This application is currently in beta and we are planning to transform it into an enterprise ready product for global market.
- Is there a set date for the Mainnet launch of XinFin blockchain?
Currently, we are developing master nodes. The public state is up and has been stable for 2 months now. We will be rolling out master nodes to those waiting to host them and the private sub-network functionality that comes with them.
- Where do you see XinFin 12 months down the line?
Our objective is to encourage people to use the XDC blockchain network, which can be applied to various industry sectors to improve their business process efficiency. XinFin is currently working on several industrial projects in banking, power, solar, tourism, aviation, supply chain logistics, and other sectors. On technology front, of course we see our self as one of the top Blockchain Protocol player besides IBM-Hyperledger, Fabric, and Corda etc.
- How is your tech community going to make money?
We encourage community development on our platform. We have a development environment that is aimed at developers, institutions and colleges, where people can come onboard and start making distributed applications very quickly. Being a containerized solution, all you have to do is download it on your laptop and you can start making distributed application using our wireframe web application. So as a developer, if you want to make enterprise solutions using blockchain, or you wish to create something for the public space, feel free to use our development platform and we will provide you with necessary support in technology. We will gladly fund promising applications built using our platform.