The Finhaven™ Chain Project
The Finhaven Chain project aims to build a global markets public blockchain for sovereign jurisdictions and their regulated entities
Highlights:
- The world needs a Central Bank Digital Currency (CBDC) infrastructure on blockchain to support digital currencies as our future norm.
- This infrastructure development requires concerted efforts of people from the public and private sectors, with various expertises, and from as many countries as possible.
- Finhaven will lay the foundation of an ecosystem and embark on a journey of building the Finhaven Chain, a CBDC infrastructure for sovereign jurisdictions and regulated entities.
The Genesis of The Finhaven Chain:
Building a Central Bank Digital Currency (CBDC) is resource-intensive; currently, over 100 countries are working on their own CBDCs in a siloed way. With this approach, it will be hard to solve the cross-border settlement issue when CBDCs are developed, and economically and politically stronger sovereign jurisdictions will dictate protocols for their own economic blocs, defeating the purpose of digital currencies on blockchain.
To address this problem, Finhaven’s vision is to build a CBDC infrastructure with the global blockchain community. Finhaven Chain will leverage open source efforts with people who have a variety of expertises, such as banking & finance, laws & regulations, monetary policy, project management, designs, products, and software development. We intend to work with international organizations, central banks, securities regulators, and financial institutions as well. Finhaven will not be the central organization of this development, but will be the cornerstone to build the ecosystem at the beginning of the project. The collaboration between Blockchain@UBC and Finhaven is the first step towards a globally viable ecosystem. The Finhaven Chain, a CBDC infrastructure, is envisioned to be a public blockchain in which sovereign jurisdictions and their regulated entities can participate.
The Finhaven Chain Project Key Principles:
Finhaven is an initiator of the Finhaven Chain project, but will not be in control. All participants, including committees, should strive in every possible way to ensure a bottom-up approach and decentralized development, not controlled by any specific organization.
Blockchain is used as the underlying technology to integrate public and private blockchains. A private blockchain or multiple private blockchains will be used as blockchain middleware. This approach helps solve public smart contract limitations, keeps intact a sovereign jurisdiction’s control, and ensures seamless interoperability of multiple chains.
“We are embarking on a great journey to help the world become a better place. We are confident that our proposed principles are the right framework for impactful innovation. We invite you, people in academics, banking & finance, law, regulations, central banks, and software development from any part of the world to join this concerted effort”, said DH Kim, CEO of Finhaven.
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Forming a strategic research collaboration with Blockchain@UBC:
To develop The Finhaven Chain, Finhaven formed a strategic research partnership with Blockchain@UBC. The University of British Columbia ranks among the top three universities in Canada and is a globally recognized institution for education and learning. Blockchain@UBC is a multidisciplinary research cluster focusing on blockchain technology as a central component in investigating the broader research question “How can emerging technologies be leveraged to benefit Canadians and the world?”
“Blockchain@UBC is excited to partner with Finhaven on this project as we believe in its great contribution to CBDC! Blockchain@UBC will provide intellectual support in the form of student internships and faculty advising, and work closely with Finhaven leadership to establish and execute a research strategy. We firmly believe that by combining the resources of Blockchain@UBC and Finhaven, the Finhaven Chain Project will achieve great success!”, said Chang Lu, PhD., Research Manager at Blockchain@UBC