This pioneering work, as detailed in the report “Jasper-Ubin Design Paper: Enabling Cross-Border High Value Transfer Using Distributed Ledger Technologies,” underscores the possibility to process international payments without relying on a trusted intermediary. It also establishes that payments can jump across different DLT platforms. In which case, DLTs could herald a bold new future for a safer and easier way to send money compared to conventional payment methods.
What powered the success of the Project-Ubin experiment? It used Hashed Time-Locked Contract (HTLC), a cryptographic technique, to move assets across different networks in an all-at-once or not-at-all way. This means the payment is returned to the sender if the receiver fails to acknowledge the receipt of payment before a deadline.
For this reason, HTLC can be a mechanism for facilitating real-time transactions and simplifying the complex payment processes. It demonstrates how two parties could set up contracts without the need for a third-party intermediary.
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