Good morning. This is Fennec.
Lists crypto currency stocks that comply with the ISO 20022 standard for messaging.
The stocks discussed here are divided into two types.
- Stocks that comply with the standard or have been publicly announced as capable of compliance
- Although it has not been announced whether the brand complies with the standard, it can be said that it indirectly complies
Both were selected based on official information and information from partner companies only.
I also used the responses I received directly from the officials as our selection criteria.
For more information on the international standard ISO 20022, please see the other article.
- ISO 20022 compliant stocks - Official
- ISO 20022 compliant stocks - Unofficial
INATBA’s response document to the public questionnaire on the digital euro issued by the European Central Bank (ECB), which is leading the implementation of the digital euro, was released in January 2021.
The International Association of Trusted Blockchain Applications (INATBA), launched in April 2019, is concerned with the issuance of the digital euro because Europe is its main area of activity.
In this document, INATBA repeatedly advocates for the ECB to mandate the inclusion of the Legal Entity Identifier (LEI) in ISO 20022 messages. ※Response to Question 14
This is the opinion that the current standard SWIFT code (BIC: Bank Identifier Code) is for banks and that companies such as FinTech need a unique identifier to standardize their payment messaging in line with ISO 20022.
Specifically, it calls for mandatory compliance with the LEI code structure defined in ISO 17442.
In its opening statement, INATBA states that the responses in the document are the consensus of INATBA members, including feedback from former central bankers, technicians, financiers, government officials and staple coin experts.
The implication of this is that companies and organizations belonging to INATBA will be complying in some way with the ISO 20022 messaging standard in the future.
(SWIFT which assigns BIC to banks, is also member of INATBA.)
You could develop your own ISO 20022 messaging, or you could take advantage of a platform like Hyperledger, which is already compliant with the standard. Most likely, the latter.
When assessing the value of a crypto currency from the perspective of the ISO 20022 standard, I believe that a major factor in determining the value of a crypto currency is not whether or not it complies with the ISO 20022 standard, but whether or not it participates in the ISO 20022 ecosystem.
Let’s get right to the crypto currency.
I will provide evidence of our compliance with the standard and how participating in the ISO 20022 ecosystem.
ISO 20022 compliant stocks – Official
These are crypto currency stocks that comply with the ISO 20022 standard, or have been publicly announced as capable of compliance.
I also determined that crypto currencies built on networks of ISO 20022 compliant stocks are also official.
$ALBT – AllianceBlock
The following questions and answers can be found on the official AllianceBlock support site.
Question: “Will ALBT be ISO20022 compliant?”
Answer: “Not in the beginning but once we connect multiple financial institutions through our protocol we will be compliant with this norm.”
$GBEX – Globiance Exchange Token
On the token introduction page of the official website, it is clearly stated that GBEX is built on XDC.
Since it is built on the XinFin network, it complies with the ISO 20022 standard, just like XDC.
“Based on the revolutionary protocol – XinFin XDC – which can handle more transaction, has a faster confirmation time, offers lower fees and consumes less energy.”
Oliver Marco La Rosa, Co-founder & CEO of Globiance, announced to Telegram members that GBEX is ISO 20022 compliant.
$SRX – StorX
SRX is listed on the site as being an XRC-20 token.
Since it is built on the XinFin network, it complies with the ISO 20022 standard, just like XDC.
“Distributed Cloud Storage Powered by XinFin Blockchain Network”
“The StorX mainnet is here and SRX is a XRC-20 utility token that powers StorX data storage Marketplace.”
$XDC – XinFin
The official XinFin website describes the interoperability of the ISO 20022 standard with legacy systems.
“XinFin Private Network lets any kind of enterprises connect their legacy systems with a Blockchain Network using the XDC Protocol and messaging compatible with ISO20022 standard.”
The earliest information I could find on the basis of XDC Network’s compliance with the ISO 20022 standard was on YouTube on November 26, 2018. It is the fastest official and unofficial one.
“Supporting the ISO 20022 standard, XinFin protocol can speak the language of core banking systems, ERP systems, SWIFT systems & different kind of data that comes across systems.”
$XRP – Ripple
In the article “ISO 20022: Shaping the Future of Cross-Border Payments” on the official Ripple website, it is stated that RippleNet has been compliant with the ISO 20022 standard from the beginning.
“ISO 20022 is steadily becoming the global standard for the world’s cross-border payment flows. Ripple has been a leader in this shift and our network, RippleNet, has been aligned with ISO 20022 standards from the start.”
In the same article, it was announced that Ripple is the first member of the ISO 20022 Registration Management Group focused on distributed ledger technology (DLT).
This membership will allow Ripple to contribute to the future direction of the ISO 20022 standard and meet the needs of its 300+ customers. They were also able to share their experience and expertise on the application of the ISO 20022 standard to cross-border payments and the use of DLT in standardized APIs.
ISO 20022 compliant stocks – Unofficial
These are stocks of crypto currencies that are not publicly announced as compliant with the ISO 20022 standard, but are indirectly compliant.
Participate in the ISO 20022 ecosystem, for example via other blockchains.
$ALGO – Algorand
Through the Linux Foundation and INATBA, Algorand is involved with ISO 20022.
Algorand is a Silver Member of the Linux Foundation.
The Linux Foundation and Algorand also have strong technical ties and are founding members of the DizmeIDFoundation, a Linux Foundation project aimed at supporting digital identity authentication.
As a transaction layer in Dizme, Algorand works.
Incidentally, the Hyperledger series used in Dizme is Hyperledger Aries.
Besides the Linux Foundation, Algorand is also a member of INATBA.
Algorand also joined INATBA member ALASTRIA in May 2021.
ALASTRIA is a non-profit organization that promotes the digital economy through distributed ledger technology and blockchain development. Institutions, municipalities, and technology partners belong to ALASTRIA, and LACChain is also a member of ALASTRIA.
Algorand was on the ISO20022 Wikipedia for a while (it was removed after a while), so many people think it is published. I tried my best to find it, but I couldn’t find any official announcement. According to the answer I got directly from Algorand Japan, it’s not public.
$ETH – Ethereum
JP Morgan’s Quorum (private blockchain) and ConsenSys’ Hyperledger Besu (public blockchain, originally named Pantheon), on which ConsenSys Quorum is based, are both Ethereum-based platforms. ConsenSys Quorum can be connected to the Ethereum network as well.
Ethereum can be connected to Quorum, which is integrated with Hyperledger Besu to comply with ISO 20022 standards.
“Hyperledger Besu is an Ethereum client designed to be enterprise-friendly for both public and private permissioned network use cases.”
The basis for Hyperledger’s ISO 20022 compliance is a statement in a document issued by SWIFT.
The diagram shows that Hyperledger complies with ISO/TC307 and uses ISO20022 as the communication standard, as well as ISO17442 (LEI code), 9362 (SWIFT code), and 4217 (Currency code).
ISO9162 says Business Identifier Code, but I think it is a misnomer for ISO9362.
I think it is a misnomer for ISO9362. ISO9162 is a standard for liquefied petroleum gas sellers to submit information to purchasers.
In the same document, Fabric (IBM/Linux Foundation), Iroha (Soramitsu), and Sawtooth Lake (Intel/Linux Foundation) are mentioned as Hyperledger projects.
Hyperledger, a cross-industry collaborative development project run by the non-profit The Linux Foundation, officially announced Hyperledger Besu as its own project on August 29, 2019.
Therefore, although the project name is not listed in the SWIFT document issued on March 1, 2017, it is now officially recognized as a project. compliance with ISO 20022 is not explicitly stated, but as Hyperledger supports the ISO standard, it is likely that other projects It is not explicitly compliant with ISO 20022, but since Hyperledger is compliant with ISO standards, I assume that other projects are as well.
In addition, Besu implements the Enterprise Ethereum Alliance (EEA) specification.
PyNX (Python tools for Nano-structures Xtallography) is a website that provides libraries for development in Python, where SWIFT materials are uploaded.
In addition, on May 20, 2009, JP Morgan had announced the availability of ISO 20022-compliant payment initiation and reporting capabilities.
It is not inconceivable that JP Morgan, an ISO 20022 compliant company, would have been ISO compliant in the early stages of Quorum development, but rather it is natural to assume that JP Morgan, a long-time strategic investor in ConsenSys, would have been ISO 20022 compliant before integrating Quorum with Hyperledger Besu.
The fact that XDC, the Quorum fork, was compliant with the ISO 20022 messaging standard from an early stage may also support the fact that Besu was able to comply with the standard even before it became an official Hyperledger project.
Ethereum has other ways to comply with ISO 20022 besides connecting to Quorum.
Hyperledger Cuctus, developed by Fujitsu and Accenture and certified as the official framework for Hyperledger, can be connected to Ethereum to communicate with Hyperledger in compliance with the ISO 20022 standard.
“The Hyperledger Cactus v0.4 release includes the following modules:
Ledger Plugins – the mechanism to communicate with various DLT platforms (Hyperledger Besu, Corda, Corda OS, Hyperledger Fabric, Go-Ethereum, Quorum, Hyperledger Sawtooth)”
“Hyperledger Cactus is a pluggable enterprise-grade framework to transact on multiple distributed ledgers without introducing yet another competing blockchain.”
Corda mentions compliance with ISO 20022 in the document “Payments-core Alpha”.
As of October 15, 2021, access to Corda Documentation is prohibited.
“This is made possible using the ISO 20022 messaging standard, which is marshalled from raw XML by the Payments-core CorDapp as the API connection is made to the PSP.”
There is a statement in the documentation that the initial version of CorDapp is experimental and needs to be discussed with the Corda team before it is developed for commercial use.
It appears that the system will support ISO 20022 payments in the future, and in response to the Treasury’s December 30, 2020 “R3 Response to Australian Treasury’s Review of the Payments System” (“R3 Response to Australian Treasury’s Review of the Payments System”) The R3 response to the Treasury’s question is as follows.
“It is worth noting that Corda supports the ISO 20022 standard. In fact, we are working with one of our partners, Identitii, to create an application on Corda to convert cross border payment messages from the old messaging standard, known as message type (MT), to the new ISO 20022 standard using existing systems without the risk of data loss or truncation.”
$HBAR – Hedera Hashgraph
Hedera Hashgraph is a Silver Member of the Linux Foundation and a General Member of Hyperledger.
The Hedera Consensus Service is an API (Application Programming Interface) that assigns reliable timestamps to transactions in the network and arranges them in a fair order.
As of September 2021, HCS provides distributed ordering capabilities for permission networks to Corda and Hyperledger, and interconnection capabilities for permission networks and consortia to Hyperledger.
IBM, the first co-author of the HCS white paper and a member of the Hedera Governing Council, leveraged the HCS model to announce TechPreview, a commercial distribution of Hyperledger Fabric.
HCS is an API to be used within a single DLT, unlike Quant Network’s Overledger which can also maintain log order records across multiple DLTs.
Hedera is a permissioned blockchain as of September 2021, but has announced that it will move to a permissionless blockchain in the future to achieve decentralization. HCS may also be able to connect to blockchains other than Corda and Hyperledger in the future.
$MIOTA – IOTA
In the official IOTA blog post “Integrate Hyperledger Fabric with the IOTA Tangle”, there is a description of the integration of Hyperledger Fabric and IOTA. IOTA.
With this integration, IOTA can join the ISO 20022 ecosystem.
“This bridge will enable direct integrations of both Hyperledger Fabric and IOTA capabilities together by functioning as an IOTA Connector. By doing this it allows the IOTA Tangle to act as a connective tissue between permissioned Hyperledger Fabric-based systems, and allows for more fluid data sharing and validation with siloed permissioned systems.”
$QNT – Quant Network
You can read about interoperability, standards compliance, and security on the official Overledger site.
“… an API Gateway for distributed ledgers, it delivers universal interoperability, connecting any system to any network or any DLT, old or new.”
It says “Overledger is fully compliant with the ISO DLT interoperability standard led by Quant’s Gilbert Verdian, and is continuously evolving to incorporate the latest innovations.” on it. The “ISO DLT Interoperability Standard” refers to ISO’s TC307.
Quant Network is a project started by Gilbert Verdian, the founder of ISO/TC307.
TC307 is an ISO committee that was established in 2015 to standardize blockchain technology; referring to the SWIFT document mentioned in the Ethereum section, it seems to be working with ISO20022 and ISO17442 to promote standardization.
On Quant Network’s Medium, it is revealed that Overledger was created based on TC307, and it is clear from reading the post that Quant’s multi-chain construction is closely related to TC307’s standardization principles and academic research.
Quant Network will facilitate the collaboration between INATBA, Linux Foundation, Hyperledger and TC307.
At the INATBA founding meeting in Brussels on March 6, 2019, Gilbert was chosen from 105 founding members as the official signatory of the event. So, he is truly a leading figure in blockchain standards.
In parallel with the regular Overledger Network, Quant offers a cost-effective DLT-native Overledger Community Network, which is also used for testing new feature development. As of September 2021, it supports Ethereum, XRP Ledger, Bitcoin, Hyperledger Fabric, Corda, and Quorum DLTs.
By using this service, each DLT developer is introduced to benefit from Quant’s new features early on. It also helps to expand the scope of the ecosystem in which Quant participates from an early stage.
QNT is an ERC-20 standard token built on Ethereum, but it can be based on any other standard. For example, you can migrate to XDC’s XRC-20, which is upwardly compatible with ETH in terms of functionality.
Overledger’s software patent is the one related to “a computer-implemented method for maintaining an ordered record of transactions on one or more blockchains. So the patented technology is the essence, and interoperability is the result. It doesn’t seem to have anything on ISO standards.
Bank Of England／Pay.UK
Quant Network has been appointed as guarantor for Pay.UK.
Pay.UK, the UK’s leading payment institution, in partnership with the Bank of England, has been working since 2017 on plans to adopt the ISO 20022 global messaging standard.
Both belong to the Registration Management Group (RMG) of ISO 20022.
James Whittle, who leads the payments standardization department at Pay.UK, is involved in the development of the ISO 20022 standard on behalf of Pay.UK, as well as negotiating with ISO/TC68, SWIFT, regulators and key organizations.
LACChain is a global alliance for the development of blockchain ecosystems in Latin America and the Caribbean. It is led by IDB Labs, a member of the Inter-American Development Bank Group, which aims to promote innovation and improve people’s lives in the region.
All participating members are working on the basis of the ISO/TC307 resolution.
Since LACChain uses Hyperledger Besu, it is compliant with the ISO 20022 standard.
I won’t go into details because it’s unofficial, but for more on Quant Network, you can check out Project Helvetia, a joint effort between the Swiss National Bank (SNB) and financial infrastructure provider SIX.
$USDC – Circle
USDC is a multi-chain stable coin. As of September 2021, it is built on the Ethereum, Algorand, Solana, Stellar, and TRON networks.
The USDC can connect with the ISO 20022 ecosystem through the built blockchain.
Circle itself has not made any official announcement about USDC’s compliance with the ISO 20022 standard.
ISO 4217 is a standard for currency codes, and ISO 8601 is a standard for date and time notation.
$XLM – Stellar
Stellar is able to connect with the ISO 20022 ecosystem through Bitt’s blockchain technology.
Stellar and Bitt have formed a partnership to collaborate and build a CBDC environment. Stellar is therefore able to leverage Bitt’s technology, which builds the CBDC of the Eastern Caribbean Central Bank (ECCB) with Hyperledger Fabric.
It is unclear whether Stellar itself is ISO 20022 messaging compliant, as there has been no official announcement, but a spokesperson for Bitt told Cointelegraph about the technical aspects of DCash (CBDC for the Central Bank of the Eastern Caribbean), which was built using Bitt’s Digital Currency Management System (DCMS), which is based on Stellar.
“Our architecture allows our solution to be blockchain agnostic.”
This statement implies that Bitt’s DCMS can be built on DLTs other than Hyperledger Fabric. It means that the versatility of the DCMS as well as its cross-compatibility will expand the possibilities of Stellar.
I traveled around the world in search of a compilation of ISO 20022 compliant crypto currency stocks based on official information, but I just couldn’t find it, so I went home and made it myself.
What surprised me the most was the unexpectedly huge size of coalitions and foundations such as the Global Blockchain Business Council (GBBC), Linux Foundation, Hyperledger, INATBA, Algorand, and Hedera Hashgraph.
ISO 20022 compliance is one way to ensure mutual compatibility, but this trend of a group of people who have already formed a partnership to maintain and develop each other’s ecosystem seemed much faster than standardization through international standards.
Perhaps, but crypto currencies will become ever more Galapagosized within the framework of regulation in the future.
The existing community and network, Hyperledger series products, ConsenSys Quorum, R3 Corda, Onyx’s Liink, etc., will serve as a hub for the user-like individuality of each manufacturer according to their applications and purposes. I felt the possibility that a variety of products more suitable for real-world use will be created.
The role of Quant Network in bringing cross-compatibility to any blockchain is also substantial. I feel that the volume of investment in specialized platforms that are coexisting with regulations will increase even more in the future.
I would be happy if this article could serve as a kind of irrigation work, and draw water to your home crypto field.
The ones I’ve covered today are just a few of the virtual currencies that support ISO 20022 messaging. I’ll write more about the other issues when I find out about them.