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Advanced Digital Asset Routing (ADAR) on SORA

Barbados-based Abed Group launches its accounts payable solution ADAR on the SORA blockchain network.

On July 22, 2022, ADAR and SORA started their collaboration on the development of a disruptive payment tool, testing blockchain technology in a commercial setting. Less than a year later, in May 2023, completed its first production transaction.

ADAR targets the market of small-medium enterprises and individuals that pay large numbers of global suppliers and employees on a recurring basis. With the development of international online shopping and service platforms, many traders of such scale operate internationally. However, unlike larger corporates, they struggle with overseas payments since those involve substantial expenses in the form of fees, excessive administration, and unreasonable settlement times for transactions if processed through the mainstream SWIFT network.

Payments through blockchain networks, on the other hand, still lack the interface and features common for commercial use.

ADAR is designed as an online tool with a traditional electronic wallet and payment interface, combining accounting utilities such as a partner list and expense reports. The current minimum viable product (MVP) includes templates for recurring payments and payroll function, but developers plan to add more features in future.

ADAR is released in a web browser version. The transfer service is powered by SORA blockchain, a parachain in the Polkadot ecosystem.

The company behind the product is not a newcomer to the crypto industry. ADAR was founded by Gabriel Abed, a serial crypto entrepreneur that founded the CBDC infrastructure provider Bitt, and crypto chatbot service Alty. The holding company Abed Group is a family office based in Barbados. It includes a private equity fund investing in innovative Regulatory Technology projects that address the development and governance challenges in the Caribbean and beyond. Besides its commercial activities, Gabriel Abed also serves as the Ambassador of Barbados to the United Arab Emirates.

ADAR has received development support from SORA as a part of the latter's economic growth model. The community collects funding proposals from producers, evaluates them via its on-chain governance system, and, in case of approval, allocates its newly minted tokens for the project.

SORA is a blockchain built with Polkadot's native Substrate framework. SORA's governance and tokenomics are tailored to optimize monetary systems in real economies. At the same time, maintaining one of the parachain slots on Polkadot, it benefits from the scalability, security and interoperability of the Polkadot ecosystem.

Payment applications utilizing blockchain technology are becoming a driving force for the adoption of crypto. According to a recent report, the crypto payment gateway market is estimated to reach $5.4 billion by 2031, expanding at a compound annual growth rate of 18.7% from 2022 to 2031.

Many native crypto companies such as Coinbase, Binance and Metaco have their products rolled out to the market. At the same time, mainstream companies such as Mastercard and Visa are testing integration of on-chain transfers into their payment systems. We will Observe which side gets to the winning line first.