Chainlink integrates Institutional Systems on SWIFT
Chainlink reached another major milestone with their ecosystem partner SWIFT. Founder Sergey stated Chainlink has completed their system which connects legacy finance to the blockchain realm. He also stated they have completed their second round of testing and are moving to pre-production phase with large institutions.
What does the inter-linked architecture look like?
How will these systems interoperate?
Think of a transaction in terms of traditional finance as SWIFT Rails, this is where the transaction will start and the transactions progress to Blockchain tech as a blockchain transaction. Enabling blockchain transactions in the traditional finance world! A significant effort by all of Chainlink covering several years of coding and testing! Kudos!!!
My older blogs that help provide a full picture of Chainlink and SWIFT
Recall back in Sept '22 I wrote a blog piece called
Timeframe?
I have not been able to locate a timeline when we as crypto users can expect to utilize this new offering. I will keep looking and bring it to you.
Summary
Chainlink is proving why it is THE Blockchain Oracle to beat. Chainlink choosing to work with the stoic industry leader SWIFT instead of looking to build and beat brings flexibility by allowing both realms to coexist together, without need to rip and replace. If you can't beat 'em, join 'em. Unleash the blockchain payments!
Credits
Blog pic - Chainlink - all rights remain!
Architecture diagram - youtube.com/chainlink - all rights remain!
