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Author Topic: Will Blockchain replace the SWIFT system used by Banks?  (Read 610 times)
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April 06, 2019, 02:27:09 AM
 #1

With Ripple's growing partnerships among banks and businesses worldwide, it seems that traditional payment systems will become replaced with DLT technology (aka as Blockchain). Because of the many benefits such technology provides, it looks likely that it will replace the old SWIFT system in the future. Unless such system does the switch to Distributed Ledger Technology, it may become outperformed by Ripple or Stellar in the future.

On the other hand, IBM has been working on a new payment network called "World Wire" powered by the Stellar protocol. Which means that existing players could be left in the dust if they don't grasp the benefits of the Blockchain.

Nonetheless, what are your thoughts about this? Huh

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April 06, 2019, 04:14:59 AM
 #2

all these systems will surely upgrade their underlying technology to improve and be able to continue competing with bitcoin as the serious and only decentralized currency which is threatening their business. so in that process they are testing a lot of different altcoin's technologies to adapt into their own system. they will never use any of the altcoins themselves though.

so no you can't say blockchain will replace SWIFT,... the only thing that will happen is that they will lose the market to bitcoin and then upgrade their systems to try and take some of it back.

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April 06, 2019, 04:49:00 AM
 #3

The sign of this already occuring are everywhere. The banking institution aren't against blockchain technology as they know using the technology will give them more credibility and gain trust of their clients as the technology is transparent, decentralized and less time consuming. The issue the bank has is with bitcoin and alternative Currencys, they know those cryptocurrency have the power to kick them out of business that's they don't have much of a interest toward accepting them but in accepting blockchain technology I'm sure they would have no choice if they want to keep up or they'll be left behind.

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April 08, 2019, 03:43:51 PM
 #4

With the evolution of blockchain technology, it might end up changing lots of things in our financial institutions which banks are not exceptional, they might be playing hard to get now but it is only in a matter of few years before they realized that they are being left behind in the game if they don’t join.

Swift might not loo relevant too, I am sure that the team in charge of swift will also be preparing right now too to adopt the use of blockchain technology in their transactions, so most of this existing player will end up joining too if they don’t want to lose out or lose their relevance.


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April 12, 2019, 08:34:33 PM
 #5

Yes, if they are not smart enough and learn from the lessons of the past, then we are going to see that the blockchain is going to send banks to extinct, this is why so many banks are fighting so hard to upgrade their system to that of the blockchain because they know what might happen to them in the future if they refuse to do this.

It might take a lot of years because the bank have already eaten up all the system in the world but I am sure it's going to happen if they don't upgrade their system to suit the blockchain.

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April 12, 2019, 08:39:07 PM
 #6

I think in some years yes, the blockchain will replace the SWIFT system if banks wants. In my opinion is more easy to use the blockchain technology then what is used now in banks and more secure than the system used.
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April 12, 2019, 09:21:53 PM
 #7

Let's be frank, how efficient is the current blockchain systems or payment systems in terms of TPS (transaction per speed) and fast confirmation of transactions? I think for blockchain to replace centralized payment systems, there is need to enhance its services through this way not only replacing payment systems but achieveing mass adoption.
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April 12, 2019, 11:40:06 PM
 #8

The bank sector is joining crypto space as they are already investing in many crypto related projects. They will use the advantages of blockchain technology sooner as we could  expected.

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April 13, 2019, 02:17:24 AM
 #9

all these systems will surely upgrade their underlying technology to improve and be able to continue competing with bitcoin as the serious and only decentralized currency which is threatening their business. so in that process they are testing a lot of different altcoin's technologies to adapt into their own system. they will never use any of the altcoins themselves though.

so no you can't say blockchain will replace SWIFT,... the only thing that will happen is that they will lose the market to bitcoin and then upgrade their systems to try and take some of it back.

Well, time will tell us if we were wrong once financial institutions start adopting Blockchain technology at a large scale. The old SWIFT system being large in user base, could become bigger than ever if it grasps the benefits of Blockchain tech. So far, Ripple and IBM have been working on payment networks with the purpose of bringing cheap and efficient transactions for the world. They have higher chances of overcoming SWIFT in the future if the latter doesn't adapt to the latest technologies.

Still, it's becoming more evident that Blockchain tech will transform nearly every aspect of our lives in the future. It's not only about finance, but also healthcare, transportation, and more. All of this means that Blockchain will soon replace old traditional systems, bringing everything towards the 21st century. Once that is complete, then physical cash will cease to exist, and Banks will be able to provide their customers with digital money instead.

Powered by either Ripple or IBM's World Wide Network, our economy will flourish in many ways that were never thought possible. Just my opinion Smiley

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April 13, 2019, 03:30:26 AM
 #10

I think it will, the emerging of sharing economy is the main reasons why we need blockchain to be the main tools for payment method and money transfer. Not to mention that many individual who are in the sharing economy system has been using blockchain now, but it needs such a big company to start using it, so the government have more concern on blockchain as a money transfer and payment method system.

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April 13, 2019, 04:01:21 AM
 #11

Blockchain is the future. And many payment systems are already implementing it in their projects. Thanks to the blockchain, it will be possible to track all transactions and possibly work with other cryptocurrencies. Visa has already started the development, which indicates the great interest of potential investors. About ripple? They have no future as the developer holds the coin, not the community. Another thing stellar uses its blockchain for other tokens. This gives great prospects for the future.
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April 13, 2019, 05:33:59 AM
 #12

If the banks can get benefits from Blockchain, then they might change their regulation and will integrate the system into blockchain. But yes, in the future, Blockchain can be used for many things and not just for the financial field only because blockchain offers so many benefits which never existed before. I believe that the traditional bank or financial institutions will transform into the digital system and they could use blockchain to handle every transaction without a problem.


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April 13, 2019, 06:54:34 AM
Merited by Abiky (2)
 #13

there has been a lot of interest in blockchain technology in different fields but so far i have only seen decentralized cryptocurrencies like bitcoin and one or two more altcoins outside of top 10 to deliver an actual product. so i don't really expect any revolution to happen in usage of blockchain technology yet.

as for SWIFT, i don't think it will be replaced. instead they may upgrade which people (as users) won't even notice since it would be an internal upgrade. they may advertise it to get the hype of the blockchain buzzword though.

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April 19, 2019, 06:16:23 PM
 #14

there has been a lot of interest in blockchain technology in different fields but so far i have only seen decentralized cryptocurrencies like bitcoin and one or two more altcoins outside of top 10 to deliver an actual product. so i don't really expect any revolution to happen in usage of blockchain technology yet.

as for SWIFT, i don't think it will be replaced. instead they may upgrade which people (as users) won't even notice since it would be an internal upgrade. they may advertise it to get the hype of the blockchain buzzword though.

Maybe so, mate. After all, Banks have been starting to adopt Blockchain technology at a slow pace. While the current SWIFT system is still outdated, there's nothing stopping it from upgrading towards Blockchain technology anytime soon. As for Bitcoin and other major cryptocurrencies, they're still unable to deliver a usable product for the mainstream world. The dreaded scalability issues, as well as, regulatory compliance, has kept major cryptocurrencies from becoming widely adopted in the mainstream world.

However, we do know that Blockchain technology brings up many benefits that could change nearly every industry in our world. Once the inherent issues within such revolutionary technology are fixed, then you could expect for companies, businesses, and financial institutions to adopt Blockchain at a large scale.

Most recently, the IMF and the World Bank have created a new cryptocurrency called "Learning Coin". The main purpose of the coin is to educate such entities about the Blockchain technology. This means that we're making progress, and eventually, traditional systems will modernize themselves by switching to Blockchain technology.

Hence, SWIFT could adopt Blockchain technology altogether, or become replaced by its competitors such as Ripple or IBM's World Wire Blockchain. Just my opinion Smiley

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April 22, 2019, 03:20:34 PM
 #15

The technology of blockchain is still young and a lot more to improve. It's just a matter of time to maximize its full capability. Developers are continually doing their jobs to have blockchain fita to the current system.
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April 22, 2019, 03:23:59 PM
 #16

Maybe not replace, but did a good alternative payment system,yes, ripple have all chance did this

 
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April 22, 2019, 03:25:50 PM
 #17

Blockchain technology can replace the system we are currently using maybe in around 10-20 years from now but in the near future I dont believe the current system will be replaced

 
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May 25, 2019, 12:02:34 AM
 #18

The technology of blockchain is still young and a lot more to improve. It's just a matter of time to maximize its full capability. Developers are continually doing their jobs to have blockchain fita to the current system.

Agree. Even after a decade of Bitcoin's inception, crypto and Blockchain tech are relatively new to the world. Issues are being discovered along the way as time passes by. However, issues are becoming lesser each day as the ecosystem matures in the mainstream world. Blockchain technology at its finest, it's still far superior than the outdated SWIFT system used by many Banks worldwide. Whenever, SWIFT will cease to exist in the future or not, it's another story.

Still though, Ripple's recent partnerships have shown us that Banks are slowly but surely starting to transition to a new Blockchain-based system for finance. As such, if SWIFT doesn't adapt to Blockchain tech, then Ripple will become its successor. There's no doubt about it. On the other hand, IBM has been working with Stellar over the past years to build it's own Blockchain-based system for the world. Now, IBM's World Wire Blockchain Network exists leveraging Stellar's capabilities within the mainstream world.

Therefore, all this means that the competition is getting tougher for SWIFT each day leaving it no choice but to adopt Blockchain technology or face total despair. Just my thoughts Grin

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May 25, 2019, 01:31:48 AM
 #19

I think this is impossible that blockchain will replaced the SWIFT system by the bank. Because first of all bank will not do an easy way to kill blockchain because people will choose always a blockchain because on it's characteristic is good rather than bank. All we know that bank is full of requirements so people always choosed to have an easy transactions using blockchain.

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May 25, 2019, 01:35:46 AM
 #20

I think this is impossible that blockchain will replaced the SWIFT system by the bank. Because first of all bank will not do an easy way to kill blockchain because people will choose always a blockchain because on it's characteristic is good rather than bank. All we know that bank is full of requirements so people always choosed to have an easy transactions using blockchain.
Banks are follow the old methods so peoples are really accepting the new method so it will be possible in future. Current situation many countries are not accepting the cryptocurrency so peoples also think like that but once it will accepting entire world automatically peoples are change the direction and Blockchain is the ruling community of future market.

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