R3, Ripple and the race for SWIFT — who’s winning?
Late in January, enterprise blockchain software company R3 announced a coveted partnership with global financial payments provider SWIFT. Where does this leave Ripple? Have R3 pulled ahead in the enterprise blockchain race?
Distributed Ledgers,Smart Contracts,Business Standards and ISO 20022
Distributed Ledger Technology (DLT) and Smart Contracts (SC) promise to transform automation in the financial industry, and are generating huge interest amongst financial institutions and technology providers. Rapid progress is being made towards more robust implementations of the technology that might meet the needs of the financial industry for security, resilience and scalability. However, regardless of the technology, addressing automation problems in a multi-party network environment also requires business participants to define and agree the meaning and content of shared data, business processes, roles and responsibilities. This is the domain of business standards, and the focus of this paper is the application of business standards to distributed ledger technology. This paper addresses some integral questions about how DLT/SC automation can run smoothly in a multi-party network environment and highlights the importance of avoiding âreinventing the wheelâ when it comes to business definitions that facilitate interoperability. The paper recognises that full-scale standardisation of DLT/SC use cases is premature; however, SWIFT stands ready to work with the community to conduct further studies into the reuse of existing business standards in order to better facilitate the efficient workings of DLT/SC technologies for the financial industry as a whole.â
SWIFT and Accenture outline path to Distributed Ledger Technology adoption within financial services
This paper investigates how Distributed Ledger Technologies (DLTs) could be used in financial services. Published in collaboration with Accenture, the paper is based on an in-depth technology assessment by SWIFT of DLT usage across financial institutions, highlighting the opportunities as well as the challenges for industry wide adoption. The paper also highlights SWIFTâs research and development plans to build technical, operational and business capabilities with a view to evolve its platform such that DLT-based services could be offered, when the technology matures and business use cases emerge across multiple verticals.
SWIFT Institute Offers a New Grant for Blockchain Securities Research
The research arm of the international financial communications network SWIFT has announced a new research grant. €15,000 will be awarded to a winning proposal that explores the possibility of using blockchain technology for transacting securities.
Distributed Consensus Startup Progresses To SWIFT Competition Finals
Hyperledger is a startup developing distributed ledgers for banks, and will compete in the Innotribe Challenge finals for a $50,000 grand prize.