Open Source SETL Blockchain Finance Platform » CryptoNinjas – News Couple

Open Source SETL Blockchain Finance Platform » CryptoNinjas

SETL, a London-based blockchain company, announced today that it will open the source for its underlying framework, PORTL, in an effort to accelerate the adoption of blockchain and DLT solutions.

PORTL provides a permission-based toolkit for financial institutions to build applications that interface between existing infrastructures and a suite of enterprise ledger technologies including Corda, Besu, Fabric, DAML, and SETL’s high-performance ledger.

The adoption of DLT technology in financial services has been slow despite the huge potential that the technology offers. Many reasons lead to a lack of understanding of banks’ secure deployment procedures, as the high levels of IT security that banks expect contrast with the innovation-first approach of some blockchain frameworks.

In addition, the low speed, limited scalability, and lack of a strategy for integrating with existing systems led to the failure of POCs.

Moreover, to move from a POC system to a live system, banks need to plan for a huge size and scale. Any blockchain needs to operate within the suite of systems that banks currently deploy, including links to SWIFT, hardware security modules, and enterprise identity systems, to name a few.

Recent SETL Article “Why Is Blockchain Not Working?” He outlines the top 10 reasons why banks and financial institutions are struggling to bring blockchain applications into profitable production.

Commenting on the launch of PORTL, SETL CEO Philip Morrell said: “The potential of DLT solutions remains largely untapped. With PORTL’s open source and fully interoperable framework, we hope to contribute to a broader adoption of DLT-based solutions.”

Anthony Colligan, Chief Engineer continued: “We are proud to make PORTL widely available to the technology community. It covers critical components of the broad adoption of the DLT standards, such as the coding engine, smart contract, workflow and settlement engines, running on our DLT which is one of the fastest and the most scalable in the world.”

When announcing PORTL, SETL seeks to provide organizations with the tools they need to bring DLT and blockchain into production. The PORTL framework includes a normalization layer for a set of enterprise ledgers, a BPMN2 workflow environment based on the open source Camunda engine, and ISO15022/ISO20022 integration with SWIFT. All components are deployable in a secure banking environment.

To facilitate integration with existing systems, SETL has adopted KAFKA, the high-volume open source event engine as the main backbone for inter-process communication.

Colligan resumed, “Our use of high-capacity, battle-hardened components such as Kafka and Camunda is in line with the technology journey that financial institutions are taking. PORTL bridges the gap between ledger innovation and business integration enabling the real benefits of DLT to transition from POC to direct operation.”

SETL was recently selected as one of the Marketnode’s Key Technology Partners, and is a finalist for the Monetary Authority of Singapore (MAS) CBDC Challenge. Marketnode is an SGX and Temasek digital asset project that specializes in developing DLT-based solutions for the financial industry. Its solutions are used in large scale environments such as Citi.

Rehan Ahmed, Director of Product at Marketnode, said: “We are proud of our partnership with SETL and share the same vision of a financial ecosystem that supports DLT alongside the paradigm shifts that these innovations can enable. Marketnode is looking to leverage open source SETL technology to build a next-generation infrastructure for the end-to-end financial markets. “

Commenting on SETL’s PORTL solution, Joerg Guenther, Global Head of Technology at Citi Securities Services, said: “We have worked with SETL for several years and are in the process of deploying their solutions within our Securities Services business. We believe that DLT technology can be transformative in our industry and SETL’s strategy to open source its technology and ensure interoperability is a positive step to enabling scalability in DLT use cases. “

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