Swift sees blockchain as a practical solution
The prominent banking system, SWIFT, has outlined its plans to incorporate blockchain technology. Instead of combining CBDCs and tokenized assets using distributed ledger technology, it aims to utilize blockchain and address interoperability challenges across different networks.
Swift aims to serve as a bridge between financial institutions and the blockchain oracle network provider, Chainlink. It will reduce reduce costs for companies looking to utilize tokenized assets.
"Our experiments have demonstrated clearly that existing secure and trusted Swift infrastructure can provide that central point of connectivity, removing a huge hurdle in the development of tokenization and unlocking its potential," said Swift’s chief innovation officer Tom Zschach.
"Our experiments have demonstrated clearly that existing secure and trusted Swift infrastructure can provide that central point of connectivity, removing a huge hurdle in the development of tokenization and unlocking its potential," said Swift’s chief innovation officer Tom Zschach.
