Is SWIFT Behind the 8-ball on Blockchain?

  • Gilbert Verdian, CEO and Founder at Quant

  • 07.06.2023 12:00 pm
  • #Blockchain

The world’s largest international transaction network has now recognised that tokenisation and blockchain interoperability will be key to its members. Cross-border transactions and tokenised asset settlement will indeed become much more efficient, flexible, and secure when made via blockchain and with industry standards.

A key challenge to the widespread adoption of this technology is the perception that blockchain-based transaction solutions lack the necessary levels of interoperability, scalability, and ease of implementation that are required to be truly viable for most global applications.

We welcome SWIFT's newfound focus on interoperability. But as it embarks on its latest experiment, we're working on live institution-grade solutions built on Overledger, our platform that solved interoperability back in 2018. We also established the Blockchain ISO Standard in 2016 and the IETF Secure Asset Transfer Protocol with MIT in 2022, for the industry to jointly collaborate in evolving blockchain technology.

By connecting existing systems with any blockchain and making it simple to build business applications and issue tokens on them, Overledger makes managing and transacting interoperable tokenised assets and tokenised money a reality today for financial institutions and their market infrastructures.

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