I’m currently reading up on blockchain projects and I especially like the Algorand project. I’m working in a financial services company and I’d like to see whether some of the instruments we trade with our counterparties (about four of them) can not be set up on a decentralised database to reduce operational efforts and the connected costs. We have valuations that we exchange back and fourth every day and that is currently done via weirdly custom text, csv and xml files and all is tied together by a zoo of E-Mails and scanned PDFs that are the termsheets to those contracts.
While that “works” I was wondering whether using a blockchain to pool some of these efforts is not a good idea and I’m currently reading up on whether Algorand is a good fit for this at all (what drew me to it is the low cost, the natural closeness to the financial sector and the green aspect of it). It would be great if we had a “source and sink” interface where we could just upload and download new information, query from it and would not need to do so much account management on our side. I read already (or more skimmed it) this nice example (Dropbox Paper) which goes a lot further than I initially thought about, this is really a bond that has ALGO as notional and pays coupons in ALGO (with the connected niceties that really everything is packaged) where I don’t think that I could convince my employer in this decade to do this - but starting small, use an ASC1 to share day-to-day valuations and counterparty valuations and maybe port then with the time more and more to it - until the point where you’re not sending and receiving USD but potentially USDC and so on.
But before that I wanted to see whether what I’m imagining makes sense at all and what ‘no-fiat-complexities’ would be connected to this. Can I share small data packages (in the byte- to kilobyte range) safely (!) between authorized participants in a smart contract? Can that be extended to make daily settlement payments in a stablecoin (or fiat directly) or does that need to be in ALGO? Would be great if someone with a bit more knowledge would help me out here.