Enabling Cross-Jurisdiction Digital Asset Transfer

Abstract

Enabling blockchain-based digital asset exchanges requires blockchain interoperability capabilities. Although some solutions have been proposed in recent years, asset and crypto-currency transfers across legal jurisdictions are still an unsolved problem. To realize this vision, we propose Hermes, a fault-tolerant middleware that connects blockchain networks, enabling the transfer of data and value across legal jurisdictions. Hermes is based on the Open Digital Asset Protocol (ODAP), an asset transfer protocol. Hermes utilizes a novel mechanism called ODAP-2PC and decentralized logging that can solve disputes regarding asset exchange. We find Hermes to fill an existing gap: the technical infrastructure that can constitute the basis for legislating and regulating cross-chain transfers, enabling the future of finance.