10/03/19 06:00 UTC-4

SWIFT payment system will test the blockchain

SWIFT will test blockchain
SWIFT will test blockchain

SWIFT payment company has published a cooperation statement with the Singapore Exchange and several banks for researching the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology. The global financial services provider is about to test the technology for e-voting.

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has decided to try blockchain technology and DLT (distributed ledger) in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
to optimize cooperation among shareholders.


SWIFT and DLT blockchain testing

The platform will be tested with the support of banks: Deutsche Bank, DBS, HSBC and Standard Chartered Bank. Also, SLIB, a software provider for "securities" will take part. Recall that the central office of SWIFT is in Brussels, and the cooperative community operates according to Belgian law. According to 2015: more than 10,000 banks from 250 countries of the world are included in SWIFT.

Because of such a huge number of shareholders, it becomes more difficult to make quick decisions every year. According to the information in the message: "(...) consider whether the DLT can help simplify the currently ineffective management of shareholder meetings and their associated voting processes, which often take a lot of time (...) proxy voting often leads to avoidable complexity, and to errors that can be eliminated due to greater transparency and automation (blockchain)" – from the full SWIFT press release.

The SWIFT payment system will begin testing the blockchain. Tests will be held to test the concept (PoC). If the tests are successful, SWIFT will start using DLT technology to process shareholder voting data. Recall that Cryptorbit.Media has already reported that Sony Global Education and Fujitsu have also begun testing blockchain technology to manage records and evaluation data of educational courses.

Editor: Godfrid Brower

See also: "Republic of Singapore: what is the situation with cryptocurrencies in Southeast Asia"

#blockchain #paymentsystem #SWIFT #DLT #SWIFTshareholders #blockchaintesting #Brussels



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