On July 19th 2022, the winners of the First Edition of the “CAST CHALLENGE” have been publicly announced during the Crypto Finance Forum.
The CAST CHALLENGE Winners’ Public Announcement has been organized during the Crypto Finance Forum organized by digital asset association ADAN on July 18th 2022.
The CAST CHALLENGE is an online hackathon seeking 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.
For this first edition of the CAST CHALLENGE, a prestigious Jury has been gathered to select the best projects:
- Laurence Arnold, Head of Innovation Management and Strategic Initiatives, AXA Investment Managers (AXA IM)
- Thomas Douchez, Head of Business Development, VISA
- Andres Lopez Vernaza, Deputy-Chief Innovation Officer, Banque de France
- Martijn Siebrand, Ecosystem Manager Digital Assets, ABN AMRO Bank
- Jean-Marc Stenger, Chief Executive Officer, Societe Generale-Forge
- John Whelan, Managing Director of Crypto & Digital Assets, Banco Santander
- Thomas Zschach, Chief Innovation Officer, SWIFT
Mentors from Societe Generale-Forge, Accenture and OnePoint have been active to help the various candidates during the CAST CHALLENGE.
WHO ARE THE WINNERS OF THE CAST CHALLENGE?
The five use cases of the CAST CHALLENGE and their respective winners are the following:
- CHALLENGE 1 : Universal Security Token Structuration Standard
Based on existing local standards (ERC-20, FA1.2, etc.), CHALLENGE 1 refers to the definition of common taxonomy, set properties, and basic functions (or methods) to deploy and operate a security token the same way whatever the underlying DLT protocol. Including unified product identifiers compatible with existing financial instrument identifiers such as the ISIN code.”
The Winner of CHALLENGE 1 is: Blockpulse
- CHALLENGE 2 : Universal Settlement Coin with native atomic settlement mechanism
This CHALLENGE 2 refers to the standardisation of settlement tokens’ structuring. Settlement tokens can be deployed on distinct DLT protocols to improve liquidity and manage supply across various DLT protocols (potentially allowing atomic settlement with security tokens).”
The Winner of CHALLENGE 2 is: ReFundia / WeFundia
- CHALLENGE 3 : Multi-Chain Security Token Reporter
This CHALLENGE 3 refers to making a “visual” reporter displaying the entire Security Tokens’ lifecycle (pre-trade, trade, post-trade), such as token balance, business and technical transactions to facilitate trade booking and monitoring (generating statements that can be downloaded and shared).”
The Winner of CHALLENGE 3 is: Finastra
- CHALLENGE 4 : Multi-Chain SWIFT Connectivity
This CHALLENGE 4 refers to creating connectivity tools between blockchain-based transactions and the SWIFT processing system.
The Winner of CHALLENGE 4 is: FINASTRA
- CHALLENGE 5 : Multi-Chain Data Feed
This CHALLENGE 5 refers to creating tools designed to feed specific data onto the blockchain. E.g. ECB TARGET 2 calendar, security price, off-chain currencies exchange rates, value of a market index, standard interest rates, agency ratings, or specific data under pre-approved events such as confirmation of off-chain payment, reception of prices/offers, events of default, covenants, etc.
The Winner of CHALLENGE 5 is: KAIKO
The Jury has also granted a Special Mention for the CHALLENGE 5 to LUNALOGIC.
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.