Editor’s note: This article focuses on the team at Timechain Labs (a key partner of BSV Blockchain) and their BSV applications. Please note that it is not necessarily representative of the viewpoints or terminology used by BSV Blockchain or its team members.
Just as the Internet led to an explosion of content, blockchain technology has the potential to revolutionise value exchange, making it as ubiquitous as sharing information online. This is the view of Rohan Sharan, Founder & Head of Product at Timechain Labs, who was speaking at the recent DATE conference in India.
Timechain Labs is a company working on the BSV blockchain which aims to build ‘the applications of the present with the help of the technology of the future’. It provides blockchain development, consultation, and contract management services.
Just as the Internet led to an explosion of content, blockchain technology has the potential for blockchain development, consultation, contract management, as well as full-service development options.
Institutional DeFI: A new class of innovation
Key to this revolution in value exchange is Institutional DeFI, said Sharan. Institutional DeFI refers to applying decentralised finance principles to real-world assets with a focus on compliance and security. ‘This innovation is reshaping how institutions interact with finance, he said. He broke down the benefits into five key points:
Accessibility and inclusivity
- 24/7 availability: This includes continuous access to financial services, unlike traditional banking’s set hours.
- Permissionless access: Open participation without intermediaries, lengthy approvals or credit checks.
- Improved accessibility: Access to financial services for banked or unbanked populations.
Efficiency and Automation
- Programmable financial products: Using smart contracts to automate transactions and enforce contract terms.
- Interoperability: Easy integration and interaction with other blockchain systems.
Financial innovation
- Innovation in financial products: Introduction of new financial products like yield farming and liquidity mining using AMMs.
- The tokenisation of assets: Making various assets more liquid and divestible through tokenisation.
Transparency and openness
- Transparency: Complete transparency in transactions through public ledger records.
Security and risk management
- Reduced counterparty risk: Direct transactions between parties, minimising the need for intermediaries.
- Enhanced security: A decentralised nature reduces the centralised points of failure.
The future of banking
Timechain’s programmable wrapper simplifies central bank digital currency (CBDC) integration, empowering commercial banks with easy access to CBDC possibilities. The platform facilitates deposit token issuance, offering digital asset choices.
Built on the BSV blockchain, Timechain uses low-code/no-code tools for programmable tokens and smart contracts. It seamlessly integrates with CBDC and UPI rails for domestic intra-bank settlements. Timechain presents a blockchain-enabled CBDC forex market for intermediary and wholesale banks, aiming for top-tier liquidity exchange rates and swift fund tracking for accelerated transactions.
