DLT has been developed and experimented in many industries; this report focuses on what DLT solutions available for financial industry, especially the use cases related to the Trade, Payments, trading of securities, bonds, and derivatives. Though the scope of this report has been limited to Invoice Financing /BA, there are numerous topics and on-going experiments related to DLT. In order to optimize or transform businesses drastically by utilizing a new technology, industry-wide knowledge sharing and open discussion are necessary. 

These are number of large projects underway by using Blockchain solution for financial industry.  It is unique that most of Block Chain solutions for the financial industry are differing with existing Block chain standards, and the innovation is at consensus, permissioned / private, and how chain to design for transactions and double spending issue. These pilots are at very early stages.

 R3 Corda - R3 developing a DLT solution for Financial industry since two years and they have gathered large number of multinational global Banks to run project “Marco Polo” to come up with different set of DLT technology to address number of problems. They have released the Corda 2.0 specification. It is very focus way of resolving the Financial Industry solution. Solution is not ready for commercial purpose.

ï‚· Ripple - Ripple developed another set of Block Chain solution for Financial Industry and they are trying to resolve the cross-border issue in banking. 22 banks are working with them cross-border payment solution through block chain. They are already doing multiple POC’s and pilots across world. Currently, they have started this solution with number of banks as pilot project. 

ï‚· DLT Hyper ledger Fabric - IBM has created another DLT solution called Fabric. This is another blockchain solution since 2 years and has performed multiple pilot projects with multiple banks. They have designed prototype of Trade supply chain solution, and market standardization for post-trade process. However, the solution is very flexible to cater every Industry. They have done multiple projects, in Healthcare, insurance, manufacturing and supply chain. The solution takes the benefits of IBM cloud solution and runs as IaaS, SaaS along with other cognitive and AI solutions.  

ï‚· Quorum - Quorum is an Ethereum-based DLT protocol that has been developed to provide the Financial Services Industry with a permissioned implementation of Ethereum that supports transaction and contract privacy. Whilst Quorum has been designed with Financial Services use cases in mind, its implementation is not Financial Services specific and hence is appropriate for other industries that are interested in utilizing Ethereum in private environment. Wall Street banking giant JPMorgan Chase has launched a new interbank payments platform powered (IIN) with the participation of two other banks – Australia-based ANZ and the Royal Bank of Canada. IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays. Blockchain capabilities have allowed to rethink how critical information can be sourced and exchanged between global banks.

ï‚· AXONI – Axoni, IBM and 11 Banks has created working group and completed successfully 2nd phase of peer to peer blockchain DLT infrastructure for equity Swaps processing, Swap transactions and related post-trade lifecycle events. The main banks joined the group Barclays, Citi, Credit Swiss, and J P Morgan. The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced that it has selected IBM to run the project, Axoni to provide Block Chain application and R3 as advisor, to provide a distributed ledger technology.

ï‚· Sawtooth -The Sawtooth project originally came from Intel. It includes a novel consensus algorithm called Proof of Elapsed Time. Consensus is a critical element of all blockchains. Generally, it is the technique by which new information is reviewed and confirmed before being accepted as the next entry in the ledger. The Sawtooth consensus software targets large distributed validator populations with minimal resource consumption. “It may give us the ability to build very broad and flat networks of hundreds to thousands of nodes,” said Behlendorf. “It’s harder to do with traditional consensus mechanisms without having the CPU burden of cryptocurrencies.” ï‚· Indy - The Indy project was originally the brainchild of the nonprofit group the Sovrin Foundation. The idea is to provide digital identities for individuals and give them the power to share their identity with whom they chose. “Instead of being an entry in a giant database, you have your data and deal programmatically with different organizations who want to check your identity,” said Behlendorf. “And companies don’t have to store so much personal data. They can store a pointer to the identity.” Indy’s work looks especially timely, given the recent Experian hack. Indy’s blockchain software is based on data minimization. 

ï‚· Burrow -The Burrow project includes a permissioned, smart-contract interpreter built in part to the specification of the Ethereum Virtual Machine (EVM). The Ethereum platform is used both for cryptocurrency as well as for smart contracts. It’s written with the Solidity programming language. Within the Burrow Project, the EVM is the interpreter for smart contracts (not related to cryptocurrency) that run across the Ethereum network. Many well-known companies belong to the Enterprise Ethereum Alliance, including JPMorgan, Microsoft, Accenture, BP, and Cisco. 

ï‚· Iroha - Iroha is a bit of an outlier within Hyperledger. It originated with some developers in Japan who had built their own blockchain technology for a couple of mobile use cases. “It’s implemented in C++ which can be more high performance for small data and focused use cases,” 

ï‚· Quilt - Hyperledger Quilt has initiated 2 years ago and is an implementation of the Interledger Protocol, also known as ILP. The protocol helps to facilitate transactions across ledgers, trying to ease the process of making and receiving payments when the sender and recipient live in different countries or are using different networks. Routing payments across different digital asset ledgers while isolating senders and receivers from the risk of intermediary failures. Secure multi-hop payments and automatic routing enables a global network of networks for different types of value that can connect any sender with any receiver. The idea is that Quilt will become a ledger interoperability solution for Hyperledger projects. This will enable Hyperledger members’ distributed ledger solutions, financial institutions’ private ledgers, IoT companies’ wallets, and supply chain systems to connect with one another to perform distributed atomic transactions.