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The popularity of the blockchain is growing

12/07/2018
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  • SWIFT_blockchain
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Despite the decline in prices for cryptocurrencies, the popularity of blockchain technology is constantly increasing. Now it is used not only for payments in the SWIFT payment system but also in the US Department of Security.

Blockchain in finance

SWIFT Global Interbank Settlement System has announced the launch of the use of a new transfer system. This is not unusual, there are constantly working to improve the quality of service. However, this time the system will work on blockchain technology.

Although SWIFT has enormous resources, previous technologies could not ensure uninterrupted payments. The company acknowledges that up to 10% of transactions are delayed due to internal errors. Since we are talking about millions of dollars, we had to carefully monitor each transfer.

Now this job will be transferred to the blockchain, which will completely save customers from errors. Already, 15 banks began to be serviced under the new scheme. It was noted that it allowed speeding up the time for settlement transactions between counterparties. Customers expressed a huge interest in the blockchain from SWIFT. Probably in the near future, all transactions will be transferred to new schemes here. Among those who were among the first to start using the novelty was JPMorgan.

Blockchain competition and popularity

Some experts note that SWIFT’s efforts to upgrade its network was a necessary measure. The RippleNet platform was able to offer a very efficient scheme for tracking funds transfers, forcing the former leader to act more actively.

Against this background, the decision of the US Department of Security to give increased attention to the blockchain sounded interesting. It allocates $ 800,000 for software creation. The blockchain is expected to be applied in the following directions:

  • licensing and issuing permits;
  • control over the movement of migrants;
  • import and export of strategic goods;
  • search for counterfeit products.

Judging by the latest news, even very conservative organizations have recognized the importance of new technologies. It is no longer possible to ignore the fact that the blockchain was an important part of the modern information space.

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