On March 28th, the CAST CHALLENGE jury members announced the 14 finalists for the digital competition to develop security tokens solutions on 5 use cases.
The short-listed finalists, comprising listed companies, FinTechs and technology solution providers from various countries, are the following:
- Kendex PLC
- SwissChain Technologies
(Open Chain AG)
- We fundia & Re fundia
- Zensar Technologies Ltd
The CAST CHALLENGE candidates will have the ability to foster their project between the 28 March and June 2022.
WHAT IS THE CAST CHALLENGE?
The CAST CHALLENGE is an online open-source contest, open to any company worldwide (including start-ups, technology service providers and financial institutions), aimed at promoting new ways to digitize securities markets through distributed ledger technologies.
The CAST CHALLENGE, developed by investment firm Societe Generale-Forge and its partners, will offer the opportunity to various stakeholders interested in digital asset and security token projects to create standardized open-source computer code components and business/operational rules compatible with the CAST Framework.
Open-source components constitute a key part of distributed ledger technology. These components creation process should be enhanced to fasten the adoption of tokenized assets by market participants (issuers, investors, etc.).
WHAT IS THE CAST (COMPLIANT ARCHITECTURE FOR SECURITY TOKENS) FRAMEWORK?
The CAST (Compliant Architecture for Security Tokens) Framework is a new market standard and open-source set of computer code components, designed to strengthen the operational, regulatory and technological security of financial operations on a blockchain. The CAST Framework has been approved and trialed in substantial issuances of Security Tokens and already adopted by several systemic regulated institutions (banks, supranational institutions, brokers, etc.).
The CAST Framework consists in a comprehensive operational model to use distributed ledgers and securities ledgers at bank-grade level and to serve as a milestone for ongoing and future standardizations based on these new technologies. In addition to business rules, the CAST Framework includes open-source computer programs (the “Oracles”) designed for inputting and outputting computer data via a blockchain.
The CAST CHALLENGE is the first fully online digital event related to the CAST Framework.
WHAT ARE THE USE CASES OF CAST CHALLENGE?
The CAST CHALLENGE seeks to respond to existing operational problems met by market participants, notably investors in blockchain-based securities, to find effective technological solutions for distributed ledgers and facilitate the use of security tokens by regulated and non-regulated entities.
Awards will be attributed under the CAST CHALLENGE on the following five potential use cases:
- Universal Security Token Structuration Standard: Harmonizing the structuring and processing of security tokens.
- Universal Settlement Coin with native atomic settlement mechanism: Developing settlement assets on distributed ledgers to improve liquidity and manage supply across various DLT protocols.
- Multi-Chain Security Token Reporter: Making a “visual” reporter displaying the entire lifecycle of securities on a blockchain (pre-trade, trade, post-trade: e.g. token balance) to facilitate trade booking and monitoring.
- Multi-Chain SWIFT Connectivity: Creating connectivity tool(s) between blockchain-based transactions and the SWIFT processing system.
- Multi-Chain Data Feed: Developing tools feeding specific data onto the blockchain (e.g. time schedules, security price, off-chain currencies exchange rates, value of a market index, interest rates, agency ratings, or any specific data under pre-approved events such as off-chain payment confirmation of off-chain payment, events of default, etc.).
WHAT ARE THE TYPES OF AWARDS OF THE CAST CHALLENGE?
In order to maximize the visibility of the winners’ projects, Societe Generale – Forge and its partners, notably potential international lead manager banks and broker/dealers, will propose to institutional issuers and investors to use the components created during the CAST CHALLENGE in the context of forthcoming security token transactions.
The Jury will also allocate a total prize of EUR 150.000 to winners of the CAST CHALLENGE FINTECH TRACK.
There will be a public communication for every winner of an award.