Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
The UDPN is an interoperability bridge between blockchains while applying battle-tested decentralized digital identity standards to participants, allowing transactions to happen in a bank-friendly and regulated environment.
The banks are running a series of test cases, including transferring and swapping USDC stablecoins, on the Universal Digital Payments Network , a permissioned blockchain system composed of validator nodes run by an alliance of banks, financial institutions and consultancies. “The UDPN is a network where the affiliation of members is permissioned. But the key thing here is that the transactions themselves are placed onto the underlying infrastructure, which includes permissionless networks,” Thorsten Neumann, CTO of SC Ventures, said in an interview.
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