Zilliqa, a blockchain technology company based in Singapore and London, has collaborated with payment solutions provider Xfers on the implementation of distributed ledger technology (DLT) in payments processing.
As reported by The Business Times, Xfers, together with Golden Gate Ventures and Facebook co-founder Eduardo Saverin, will use Zilliqa’s recently launched smart contracts to streamline payments and make them more transparent for its 500,000 users.
Smart contracts enable automated, conditional transactions that are only carried out if the parties involved perform the required actions as stipulated in the contracts and underwritten into the cryptographic code.
Amrit Kumar, president of Zilliqa, said the startup’s proprietary smart contract language, called Scilla, was designed with security in mind.
The firm is currently exploring other ways to collaborate with Xfers, which is backed by 500 startups and recently received approval from the Monetary Authority of Singapore (MAS) as a holder of a Widely Accepted Stored Valued Facility (WASVF).
Xfers Wallet can hold over S$30 million of user’s and merchants’ stored value, for which it will be fully liable. The only other WASVFs are EZ-Link Card, NETS CashCard, NETS Flashpay and CapitaVoucher.
Kumar noted that potential collaborations could include remittances, given that traditional cross-border transactions can take several days or even weeks to complete, while blockchain technology can bring the process closer to real-time.
Zilliqa also recently announced ZILHive, a 12-week incubation program to support projects building on the Zilliqa blockchain. ZILHive was launched in partnership with global blockchain incubator LongHash, which is supported by the Singapore government.
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