Platforms ·
Consensys connects institutional ledgers without moving the assets
Consensys announced Sovereign Network Interoperability on 2 November. The software coordinates transactions between institutions’ separate ledgers; Ethereum-compatible networks are available, with Canton support still to come.
The intended users are banks, custodians and asset managers that need to deal with counterparties running different systems. The product handles the coordination between those systems while the assets remain recorded on their original ledgers.
Examples include exchanging currencies, delivering a security against payment and posting collateral. Consensys packages the connections, monitoring and maintenance into a supported service. It says institutions can begin with a single connection.
The announcement does not establish that every named network is already connected. Its own Q&A puts Canton next in the rollout. It also acknowledges reliance on the participating ledgers, verification software and operating controls. Removing a bridge does not remove every dependency.
The banks would like to work together while keeping their own furniture. For once, I understand the requirements.
The receipts
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