SettleMint and the Islamic Development Bank Institute Collaborate to Develop Smart Stabilization System
Dubai, UAE, 15th July 2023, ZEX PR WIRE, The blockchain company SettleMint is collaborating with the Islamic Development Bank Institute (IsDBI) to develop a Smart Stabilization System (SSS). The System is an algorithm that aims to maintain the stability of assets traded on organised markets, including financial assets or digital currencies.
Founded in 2016 in Belgium, SettleMint has more than 60 Enterprise blockchain implementations worldwide. It offers a full-fledged Blockchain-Platform-as-a-Service solution. IsDBI, as the knowledge beacon of the IsDB Group, leads the development of knowledge-based solutions. The Institute has already secured patents for its three innovative fintech mechanisms with great potential for the financial industry.
Capital markets play an important role in mobilizing resources and allocating capital. This process is essential for economic growth and job creation. Yet, capital markets are prone to swings of speculative booms and busts that can be damaging to economic progress. Governments tend to play the role of the ultimate stabilizer of capital markets but at a huge cost to public funds and hard-earned reserves.
The objective of the SSS is to help stabilize organized asset markets without compromising efficiency. This is done by managing the gap between supply and demand to reduce the volatility of the price while maintaining the role of the gap in equilibrating the market. The patent-pending Smart Stabilization System is unique in managing the pressure on price before the price changes. The System is forward-looking, while most other stabilization systems are backward-looking. Moreover, the SSS is self-financed, and investors’ rights are fully protected.
IsDBI and SettleMint are investigating the use of blockchain and smart contracts to provide autonomous and transparent execution of the SSS.
Matthew Van Niekerk, the CEO of SettleMint, stated: “International trading activity has been the cornerstone of economic growth and prosperity for thousands of years. As we find ourselves in times of significant economic uncertainty, it is an honor to support the Islamic Development Bank Institute on the design and implementation of new mechanisms that can enhance the stability, transparency, and efficiency of trading activities globally.”
Dr. Sami Al-Suwailem, the Institute’s Acting Director General, welcomed the collaboration on this project as a milestone in the progress of the Islamic fintech industry. He said: “The world is moving fast on the digitalization of financial transactions. This requires a robust stabilization system in place to minimize the instability associated with fast movements of funds, as has been proven by the recent banking crisis. I am pleased that my colleagues are capitalizing on the patent-pending Stabilization System to develop a practical solution to assist our Member Countries in achieving digital transformation with minimum financial instability.”
About SettleMint
SettleMint is a high-performance low-code platform for blockchain application development that empowers engineering teams to build, integrate and launch applications on web3 infrastructure. SettleMint is the answer to move rapidly and easily from use case concept to business case realization in a fraction of time and risk than any other solutions can offer.The SettleMint platform removes project implementation risk and makes it easy for IT teams to rapidly deliver blockchain applications. Taking a visual development approach, the SettleMint platforms “click and deploy” design enables users to deploy nodes, customize smart contract templates, integrate end user applications and program complex systems and data integration flows using the platforms library of 4000+ pre-built, fully configurable connectors. The platform includes a suite of ready-to-use tools, frameworks, templates, and APIs to simplify develops requirements and accelerate the development and delivery of any blockchain use case. More on settlemint.com
About Islamic Development Bank Institute (IsDBI)
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the IsDB Group. Guided by Islamic economics and finance principles, the Institute is mandated to lead the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.Established in 1981 as the Islamic Research and Training Institute (IRTI), the Institute was renamed in April 2021 as IsDBI, with the objective of aligning the Institute with the IsDB Group’s emerging priorities and enabling the Institute to effectively lead the delivery of innovative knowledge-based solutions for sustainable development. More on isdbinstitute.org
