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ISO20022 Strategic Positioning #2536
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Hey @pifragile, sorry for the wait here. Can you clarify the intended payment and milestone structure? Two reports, one per half year?
Hey @semuelle, sorry for the confusion. My idea is to setup a recurring mandate with a report every 6 month, each worth 7200 CHF which corresponds to 1 day of work per month. I designed this application to only cover the first of those reports as I assumed you might want to reevaluate this grant after each report. If you are willing to grant more than one report in this application, I am happy to commit to that. |
Hi @pifragile thanks for all the work you've put into this area of research so far. Your previous grant and paper were well-received, and helped me understand some of the technical limitations that exist when integrating with these payment systems. That being said, we are in the process of evolving the grants program as ecosystem needs change. With most of our focus on the upcoming hub launch, this isn't a huge priority for us at this time. Therefore I personally won't approve it for now, but will let you know if this need changes in the future. |
@keeganquigley Thank you, sure I understand that. How will the grants program be evolved? What are the areas where help is welcomed most? |
Hi @pifragile, thanks again for the application and the patience. The committee discussed the proposal again today and ultimately decided not to support it, main reasons being that research on the status of general developments in other ecosystems isn't a focus of the Grants Program. Also, we aim support projects over a short term, so given the lack of direction in this area, it makes more sense to revisit the topic at a later point. We hope that this does not deter you and that you will continue working in this direction. Feel free to apply again if the landscape changes or you have other project ideas you want to pursue. |
Thank you @semuelle. |
Project Abstract
TL;DR: Integrating blockchains with the traditional financial world will take time and it does not make too much sense to blindly implement technical features without clear benefit but rather to invest in stategic long-term positioning.
In a previous article published by the applicant and funded by the W3F, we gave an overview of how other blockchain ecosystems comply with the ISO20022 standard and how Polkadot could integrate with the standard itself. The bottomline of the research was that such an integration is a huge step as a seemingly unbrigeable gap between a protocol designed for communication between trusted third parties via private channels and a permissionless, transparent, decentralized blockchain. We understand that in order to request for further funding, the W3F asked to present a plausible business case for such a project.
After an extensive outreach on LinkedIn to 60+ representatives of all major swiss bank's innovation labs and having conversations with various representatives in the banking and blockchain industry, we failed to come up with a concrete business case for such an integration due to the issues stated above. Nevertheless we see potential in observing the landscape of banks, ISO20022 compatible players, central bank digital currencies and other blockchain ecosystems, as to us it obvious that in the long run the two now seemingly incompatible paradigms of doing financial transactions will move closer together and therefore it will be valuable for Polkadot to be strategically well positioned in this game.
W3F Grant ISO20022 Ecosystem Research and Technical Design
Grant level
Application Checklist
project_name.md
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