Deutsche Bank and Standard Chartered's venture arm, SC Ventures, are exploring a solution that aims to facilitate communication between blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs). They are actively testing this concept using the Universal Digital Payments Network (UDPN), a permissioned blockchain system that involves a consortium of banks, financial institutions, and consultancies. The UDPN is designed to enable transactions across different networks, similar to the SWIFT messaging layer in traditional banking infrastructure. The network's creators highlight its ability to act as an interoperability bridge between blockchain networks while implementing decentralized digital identity standards. Unlike permissionless networks like Bitcoin and Ethereum, the UDPN provides a regulated and bank-friendly environment. SC Ventures' chief technology officer describes the UDPN as a permissioned network that efficiently integrates with underlying permissionless networks, allowing for cross-border currency transfers and transactions without the constraints of centralized messaging formats like SWIFT. The UDPN initiative currently includes approximately 25 organizations from various countries, conducting around 10 proof-of-concept tests simultaneously. These tests utilize the UDPN's transaction nodes as the hub for transactions connected to different currency systems and currency pools, accommodating central banks, financial institutions, and other organizations dealing with digital currencies within a regulated framework.
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