Chainlink used by SWIFT in proof-of-concept
Coindesk • November 08, 2022
In an initial proof-of-concept, Chainlink, the Decentralized Oracle Network, and SWIFT, the interbank messaging system, are collaborating on a cross-chain interoperability protocol (CCIP). By allowing SWIFT messages to command on-chain token transfers, CCIP will make it possible for the interbank network to interface with all types of blockchain ecosystems.
According to Chainlink co-founder Sergey Nazarov, this will speed up the adoption of DLT blockchains and be advantageous to several institutions throughout the financial markets. Nazarov made this statement on Wednesday at the SmartCon 2022 conference in New York City.
SWIFT Strategy Director, Jonathan Ehrenfeld Solé, stated that one of the reasons working with Chainlink on CCIP has been effective is that institutional investors have "undeniable interest" in crypto. Traditional finance (TradFi) participants demand access to diverse digital and traditional assets on a single network that can connect numerous asset classes, according to Solé.
It remains a question whether the proof-of-concept will be a success that will eventually lead to wide-scale adoption, something that Fourstack tracks for several different blockchain projects attempting to bridge the gap enterprises have to blockchains.