SWIFT, a global provider of financial messaging services, and Chainlink, a decentralized oracle network, are collaborating on a trial to explore the integration of blockchain technology into the global financial system. The goal is to improve the efficiency, security, and transparency of cross-border transactions.
The trial involves several major banks and financial service providers, as they examine the advantages of adopting blockchain networks. By using Chainlink’s oracle technology, which securely transfers data between blockchains and real-world applications, the participating institutions will test the integration of their existing systems with blockchain networks.
This partnership signifies a significant step toward embracing blockchain technology in traditional finance. SWIFT, known for facilitating international money transfers, acknowledges the potential benefits of blockchain networks and is actively seeking ways to enhance its infrastructure and transaction speed.
The trial will provide valuable insights into the integration process, helping institutions evaluate the benefits, challenges, and scalability of using blockchain’s technology. Successful results could lead to widespread adoption of blockchain within the financial sector, improving efficiency and transparency.
As the trial progresses, the financial industry will closely monitor the outcomes, with potential for future partnerships and collaborations. SWIFT & Chainlink are leading the way towards a transformative shift in cross-border transactions, making them faster, more secure, and accessible to all.
Read the full article here : https://www.coindesk.com/tech/2023/06/06/swift-and-chainlink-will-test-connecting-over-a-dozen-financial-institutions-to-blockchain-networks/
