[2018-03-08] SWIFT Claims 'Huge' Progress on DLT Bank Pilot

[TYPEcoin]

Interbank messaging platform SWIFT has published the results of a long-running distributed ledger proof-of-concept project.

Based on Hyperledger Fabric, the SWIFT trial focused on the use of nostro accounts, or bank accounts held by banks inside other banks. The proof-of-concept envisioned these "many-to-many" bank transfers, specifically examining how the system could meet requirements around governance, security and data privacy as they relate to the nostro reconcilitation process.

According to Damien Vanderveken, SWIFT's head of research and development, the test provided a window into the strengths - and limits - of migrating such a system to distributed technology.

https://www.coindesk.com/swift-announces-successful-proof-of-concept-trial-for-dlt-platform/

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[Carlton Banks]

What would be the point?

SWIFT still won't let you move your money if they say no. Bitcoin can't tell you you're not allowed to move your money. Bitcoin still wins.

[TraderTimm]

What would be the point?

SWIFT still won't let you move your money if they say no. Bitcoin can't tell you you're not allowed to move your money. Bitcoin still wins.

Exactly.

SWIFT is a dinosaur that is trying to figure out how to use this "block chained" thing. They have zero fucking clue. They think that if they use bits and pieces, the world will beat a path to their doorstep. This kind of insular and backwards "innovation" is typical of institutions who are rapidly becoming obsolete.