Swift and Chainlink are teaming up with major financial institutions, including BNY Mellon, BNP Paribas, Citi, and Lloyds Banking Group, to conduct experiments on connecting with multiple blockchain networks. CoinDesk brings details.
The collaboration aims to test how these institutions can use the infrastructure of Swift to transfer tokenized assets across blockchains. Chainlink will facilitate connectivity across public and private blockchains for the experiments. The partnership between Swift and Chainlink was initially announced last year at the annual conference known as SmartCon of Chainlink. This collaboration holds significance for both financial institutions and the crypto industry, as blockchain technology will likely bring efficiencies, reduce costs, and simplify settlement processes in capital markets.
The experiments will explore the potential of blockchain technology to get more investors and increase liquidity when it comes to private markets. Sergey Nazarov, who is the co-founder of Chainlink, expressed that the new collaboration represents a significant step for the crypto industry. The experiments conducted through this partnership will shed light on the possibilities and benefits of integrating blockchain networks into traditional financial systems.
Chainlink has achieved notable milestones and made significant advancements in recent years. For instance, let’s consider the Oracle Network Expansion. Chainlink has expanded its decentralized oracle network, which provides real-world data to smart contracts existing on blockchains. The network has integrated with many data providers, enabling seamless access to a wide range of off-chain data, including price feeds, sports scores, weather data, and even more. This expansion has enhanced both the reliability and versatility of smart contracts.
Swift is known for handling an enormous volume of financial messages every day. On average, Swift processes over 35 million messages per day, facilitating secure and efficient communication between financial institutions across the world. This outstanding amount of messages demonstrates the crucial role Swift has to play when it comes to global financial transactions, and it highlights its significance in the banking industry.