Finance
What to know:
- SWIFT, the great bastion of global traditional finance, is now adding a blockchain-based ledger to its mighty network.
- It envisions this ledger as the keeper of transactions, validating, sequencing, and enforcing rules through some smart contracts. Oh, how clever!
- With whispers that digital assets like stablecoins might render it obsolete, SWIFT has been dipping its toes into blockchain tech for years. Ever the forward thinker.
Ah, SWIFT. That steadfast relic of traditional finance, which has long been the lifeblood of international transactions, has now decided to flirt with the future. It has announced, with much fanfare, that it is incorporating a blockchain-based ledger into its vast network.
And, as if to prove it’s not just a flash in the pan, SWIFT is teaming up with a veritable army of 30 financial institutions to create a ledger that might just make cross-border payments available 24/7. All thanks to Ethereum developers Consensys, of course. Always a touch of innovation in the air!
In its own words, SWIFT claims, “The ledger will extend SWIFT’s financial communication role into a digital environment, facilitating banks’ movement of regulated tokenized value across digital ecosystems.” A valiant effort, no doubt!
For those unacquainted with SWIFT’s legendary status, let it be known that it has long supported international bank transactions. Used by more than 11,000 financial institutions across over 200 countries, it’s not just some small-time operation.
However, with the rise of digital assets, particularly the ever-popular stablecoins, there have been murmurs that SWIFT might soon be relegated to the history books. Not one to be outdone, SWIFT has been busy experimenting with blockchain technology and tokenization. Always one step ahead-or so they think!
In its vision for the ledger, SWIFT envisions it as a real-time log of transactions between financial institutions, ensuring that all the transactions are properly recorded, sequenced, validated, and even enforcing the rules through smart contracts. Truly, a marvel of modern technology, if we do say so ourselves.
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2025-09-29 14:07