SWIFT has become the backbone of the financial market from 1973. SWIFT has proven the scalability, security, resilience and created the history that is the trust in the network. SWIFT has provided a network for financial institutions to send and receive
information about financial transactions in a secure, standardized and reliable environment. The majority of banks use the Swift network to send money. Banks are trading over $5 trillion worth of payment transaction in a day, and most of that is handled by
message exchanges through the SWIFT network.
Blockchain, a technology that has more mathematical power behind it on a decentralized basis than any open source project in history, could fundamentally reinvent the banking system. A few bankers started to understand it, few Banks, financial institutions
started investing in the research work to find more value of Blockchain and some became the pioneer to get it started.
Some of the Advantage of Blockchain over SWIFT:
- Peer to Peer Network Communication
- Intermediary Network not Required
- Simple Transactional Charge workflow
- Flexibility to share Documents over network for transparency
- Capability to facilitate the new Cryptocurrencies transactions
Blockchain has the potential to reinvent banking, money and regulation. Financial ecosystem has seen the changes in message transmission from Telex to SWIFT from 1973 onwards. Now the new technology of Blockchain is trying to show a new horizon to this ecosystem.