CHANGE LOG:
2023-10-06T05:00:00Z - Add Mastercard Patent
2023-12-14T19:18:00Z - Add the difference between objectives
Mastercard -
form central authority => blockchain
Mine -
from blockchain => central authority
Was doing some preliminary research to get some inspiration to write a patent for this method and process I open sourced to the community here- specifically to write it more descriptively. I had already told someone else the rest of what was required - to have a server listening for the events on chain with conditionals that would send the transactions to the necessary regulatory body in the bounds of whatever parameters described. For example, transactions over $12,0000. Obviously if banks are acting as custodians onchain they would want to run their own server to capture the events for their clients transactions. I knew this same method could be used in a tradtional architecture to add the messaging standardization.
Was going to write the patent and then opensource it, but I spoke with a lawyer that was in my city talking about crypto and I told her about this solution for crypto at this event.
ISO-20022 is the standardization that many financial institutions are implementing for reporting of transactional activity. Next to automating as many things as possible - standardizing is my next favorite activity. Maybe first, as standard interfaces and communication makes automating things much more simple.
When I learned of this coming transition, I reached out to Line Financial Blockchain team to encourage the development of a module that could be used in the rest of the ecosystem, and I also posted in the Cosmos Discord.
- [ Feature Request ] - ISO-20022 Interational Financial Institutions Standardizations Module · Issue #30 · line/lfb (github.com)
- Cosmos Discord
The messaging format is verbose - and it’s something that I have been stewing over. My interest in blockchain technology is and has been corporate/enterprise scale. Many of the apps we see are DeFi related, and ISO-20022 is a financial messaging standardization. Anyhow - I again brought this up to the development team over on Kujira here recently on 8/25/2022.
On 8/29/2022 - I suddenly realized what might be the most efficient way to go about implementing this standardization. I have sense shared this with the Sei team too. Any and all financial related projects in the Cosmos Ecosystem should include the proper ISO-20022 standardization code as an event broadcast after a successful tractions for that specific transaction type.
With the CosmosSDK - the transaction ISO-20022 definition for the transaction type can be registered as an event.
In CosmWasm contract based DeFi activity the execution logic can be achieved in more or less the same way..
In Ethereum, and thus Evmos, developers can achieve compliance using events in the same way too..
And thus - the entire Cosmos would be fully compliant and up to par for institutional investing messaging standards. As a fan of wealth creation, I hope to see y’all there.