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June 8-10, 2021
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Wednesday, June 9 • 09:40 - 10:10
Lessons Learned Launching Bakong, a Hyperledger Iroha-based "synthetic CBDC" - James Edwards, Soramitsu Helvetia AG

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Dr. Edwards will address challenges and opportunities facing Bakong, a "synthetic CBDC" built by Soramitsu and the National Bank of Cambodia with Hyperledger Iroha at its core. Bakong utilises a two-tier architecture in which digital currency is created and transactions are written on a ledger maintained by the central bank, while KYC and retail account management are handled by commercial bank partners, taking advantage of Iroha's robust permissions system. This allows Bakong to achieve many benefits of a CBDC without the risk of disintermediation. After reviewing the system's socio-technical context, Dr. Edwards will discuss the task of building a consortium of 21 commercial banks within a fragmented payments ecosystem. He will then introduce next steps for Hyperledger Iroha-based fast payment systems, including a cross-border use-case and some potential features of Iroha v2.

avatar for James Edwards

James Edwards

Researcher and Consultant, Soramitsu Helvetia AG
I'm a social scientist with an interest in mixed methods, the emergence and transformation of markets and market-based societies. My work consists of research coordination and consulting for governmental and civil society organisations worldwide, with an emphasis on the study of socio-technical... Read More →

Wednesday June 9, 2021 09:40 - 10:10 CEST
Virtual 2