Blockchain technology firm XinFin announced Sunday (Dec. 3) that it is integrating a new technology into its Hybrid blockchain, which aims to standardize enterprise-grade blockchains across industries.
In a press release, the company said it is adding its XDC01 protocol into its Hybrid blockchain, used by companies so they can "keep their financial transactions private but still verifiable by an immutable record on the public state of blockchain," explained XinFin CTO Karan Bharadwaj in a statement.
The Singapore-based firm added that its XDC01 protocol "helps individuals, corporates and financial institutions get past the technology hype by allowing real-time settlement with digital wallet and remittance."
The announcement added that XinFin will now look to implement its Hybrid blockchain technology into various apps for the enterprise. To do so, the firm is collaborating with an array of corporate partners across verticals that include FinTech, travel and energy. Moving forward, XinFin said it will also look to develop blockchain and IoT-based solutions with a focus on "business process re-engineering, supply chain, financing, procurement and settlement."
Singapore has become one of the world's largest blockchain hubs. Last month, the country held its annual FinTech Festival, where several blockchain companies and technologies highlighted their contributions to the market.
According to reports in the Singapore Business Review last month, investors raised $2.71 billion for FinTechs on the last day of the event. Most of those investors came from Singapore, and nearly two-thirds of that funding was raised for blockchain companies.