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AVAX Digital space reshaping: Progmat moves to Avalanche's first-layer network
Progmat, a leader in Japan's digital securities industry, has migrated all of its business from the Corda 5 platform to the Avalanche's first-layer blockchain. This strategic shift is a key step in its expansion in the emerging digital asset sector, involving securities and assets worth more than 452 billion yen.
Reason behind the migration
The "Keystone Project" led this critical development and marked a major upgrade of Progmat's digital infrastructure. By introducing a new intermediary layer, Progmat is now able to connect multiple distributed ledgers, increasing flexibility and getting rid of reliance on a single blockchain. Despite the structural changes, the core of issuance and management of securities tokens remains unchanged, ensuring compliance operations in the regulated financial sector.
EVM compatibility: An important milestone?
Indeed, integration with the Ethereum Virtual Machine (EVM) has become a key milestone. Thanks to the migration from Java-based Corda code to Solidity, developers can now use Ethereum's native tools. This evolution simplifies the process for users familiar with the Ethereum framework. What's more, financial transactions on the Progmat platform have now accelerated, with Avalanche's efficient infrastructure shortening the final confirmation time to less than two seconds.
Progmat pointed out that although the system now supports EVM-compatible development, security-based tokens are still restricted and cannot be freely accessed through public crypto wallets.
The issuer is minimally affected during the conversion process, and its original product attributes are easily retained.
Migration is completed seamlessly under Project Keystone.
Avalanche provides higher transaction speeds and EVM integration capabilities.
Strict regulation continues to ensure financial compliance.
The future direction of blockchain settlement
The upgraded system is expected to provide cross-chain settlement capabilities and may also involve stablecoins and tokenized bank deposits. To realize this potential, Progmat and Datachain are collaborating to develop solutions that will help unify settlement processes across blockchains.
Progmat emphasized that in regulated asset areas, in order to achieve collaborative operations, DVP services must be provided.
Operational integrity is enhanced through the provision of AvaCloud and alignment with SOC standards. As the Avalanche ecosystem thrives, Progmat is advancing into newer research areas and partnerships, reflecting confidence in its upgraded blockchain framework.
