A FINANCIAL EARTHQUAKE!
#Swift adopts Blockchain technology for payments 24/7 and triggers massive Institutional adoption.
SWIFT, the global network serving more than 11,500 financial institutions, has announced a historic measure: the incorporation of a blockchain-based shared ledger into its core infrastructure. This step aims to revolutionize cross-border payments by making them real-time and 24/7, a milestone for traditional finance.
Immediate and Global Payments: The initial focus of the initiative will be to drastically improve international payments. The new ledger, designed in collaboration with Consensys, will utilize smart contracts to secure, record, and validate tokenized and regulated value transactions.
Interoperability and Compliance: The key to the project is its ability to operate with existing and emerging financial systems while maintaining SWIFT's strict compliance standards. This allows for innovation without sacrificing security and regulation.
Backing from Banking Giants: More than 30 top-tier financial institutions, including Santander, Bank of America, BNP Paribas, and HSBC, are actively collaborating on the implementation, underscoring the seriousness of this technological advance.
Integration with Ethereum: Although not specified, recent reports suggest that SWIFT is actively experimenting with migrating its system to Layer 2 #Line of #Ethereum, connecting the traditional banking network directly with the Ethereum ecosystem.