The best of both worlds – The central bank digital currency (MNBC), new crypto applications and blockchain bridges are revolutionizing payments of the future. Even the good old system Swift trying to connect to new technologies to offer new services, but above all not to disappear. When the traditional finance of the 80s made an update of its systems, it was the great leap forward of monetary exchanges, with Chainlink as a partner.
Swift will use Chainlink to get closer to different blockchains
The announcement was made in New York late last week at the conference SmartCon 2022. On stage, we find Sergey Nazarovco-founder of the decentralized oracle chain link and jonathan Ehrenfeld Solé, Swift’s Chief Strategy Officer. And the first announced proudly and to applause that a joint project will bring the two entities together first in the form of a proof of concept (PoC).
To put the stakes in perspective, it should be remembered that Swift is a monster in the international financial landscape. It is a cooperative society under Belgian law whose head office is in Brussels, but which extends its influence over the whole planet. Founded in 1973, it brings together almost 11,000 banks in more than 200 countries and manages several trillions of dollars transactions per day.
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MNBC, cryptos, payment system, it’s time for big maneuvers
On his side, chain link is an oracle that provides data from the blockchain and manages the “ cross-chain interoperability protocol (CCIP). The idea of this proof of concept is to allow Swift to ” perform token transfers on almost any blockchain “.
JJonathan Ehrenfeld Solé said after his announcement that there was ” an undeniable interest from investors institutions for digital assets “Who would like to access all the cryptos on” a single platform “. For Sergey Nazarov, this “ will accelerate the adoption of technology blockchains distributed ledger (DLT) in capital markets and traditional finance “. For financial institutions, this would be a way to connect to all digital assets using a single existing system, which greatly simplifies things.
L’interoperability – at large – is a major challenge for the coming years in order to create an efficient and ergonomic framework for all financial players. Switching from one blockchain to another, switching from the traditional system to crypto, managing the arrival of MNBC and tokenized assetsso many challenges awaiting the supporters of today’s world like Swift or Mastercard. And obviously, Swift decided to take the lead.
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Chainlink and Swift: marriage between traditional finance and blockchain
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