SWIFT begins development of blockchain platform

SWIFT system will unite almost all blockchains. And it will give traditional financial institutions access to various cryptocurrencies on one platfor, Crypto-Upvotes expert review

Interbank messaging system SWIFT and decentralized oracle network Chainlink announced that they are working together on a proof-of-concept (PoC) blockchain project. This project will allow traditional financial companies to conduct transactions on a platform that supports virtually all blockchains. Chainlink co-founder Sergey Nazarov and SWIFT Chief Strategy Officer Jonathan Ehrenfeld Sole announced it at the SmartCon 2022 conference in New York.

SWIFT is the most widely used platform for traditional cross-border transactions, connecting more than 11,000 banks worldwide. Now it can take up to several days for a payment to go through this network. And moving to blockchain should significantly reduce that time.

Project PoC will use Chainlink CCIP (Cross-Chain Interoperability Protocol) to send SWIF messages across different blockchains. This will accelerate the adoption of distributed ledger technology (DLT) in traditional finance, Nazarov said.