198  Blockchain

banks, software companies and consulting firms. The following is a

list of sandboxes that are active and their adoption is growing:

⚬

⚬FCA (Financial Conduct Authority): FCA launched a regulatory

sandbox in 2016. Since its inception, multiple firms have joined

the sandbox to test their use cases. It allows businesses to test

innovative propositions and use cases in the market with real cus-

tomers. Link: https://www.fca.org.uk/firms/regulatory-sandbox/

regulatory-sandbox-cohort-7

⚬

⚬Global Financial Innovation Network (GFIN): GFIN was

launched in January 2019. The stakeholders were an interna-

tional group of financial regulators and related organisations.

FCA, a UK financial regulator, took a lead in establishing a

global sandbox to test innovative ideas requiring real scenarios

involving customers. FCA now leads and chairs the network

involving multiple global regulators. As it stands now, GFIN is a

network of more than 60 regulators and organisations commit-

ted to supporting financial innovation with a common interest

of supporting customers. Link: https://www.fca.org.uk/firms/

innovation/global-financial-innovation-network; https://www.

thegfin.com

⚬

⚬IBM Sandbox: IBM established a sandbox to offer its clients an

opportunity to demonstrate their blockchain solutions to clients

and evaluate use cases. Another benefit of IBM sandbox is to

offer clients an opportunity to grow their knowledge through

a hands-on live blockchain environment. Another advantage

of using IBM sandbox is to accelerate POC completion with-

out any delays in setting up the environment from scratch.

Currently, IBM sandbox includes IBM Blockchain Platform,

IBM Cloud Private and IBM License Metric Tool (ILMT).

Link:

https://www.ibm.com/partnerworld/program/benefits/

value-package-sandbox

⚬

⚬R3 Sandbox: R3 is the parent company who launched a block-

chain product called Corda. R3 launched a sandbox called R3

Sandbox for Digital Currencies. It is a learning and develop-

ment platform for CBDC (Central Bank Digital Currency)

experimentation. The sandbox is used by global financial

institutions and regulatory bodies. Link: https://www.r3.com/

digital-currency-sandbox/

⚬

⚬Consensys Sandbox: Consensus is a blockchain software and plat-

form provider with multiple products under its basket. Consensys

launched a sandbox for its clients called ‘Codefi’. The sandbox

was created to facilitate its customers to try their use cases on

digital assets, financial instruments and so on using the sandbox

platform and showcase the real value before investing the budget