Will Blockchain replace the SWIFT system used by Banks?

[TheClownSong]

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?

With technology improved, i think it could happen SWIFT replaced by blockchain technology. Many banks adopting blockchain technology and i think when banks use blockchain technology for every transaction, SWIFT can be old technology for banking technology

[Schirer]

One thing that one has to understand when talking about SWIFT is that there are a lot of manual risk evaluation involved and as far as I can see blockchain wont solve them ( this is regarding large transfers) . The blockchain is very promising when it comes to relatively small international transfers.

[bttmember]

I hope that soon banks and governments all around the world will start accepting crypto and receiving crypto in personal bank account will be just like receiving foreign currency that automatically converts to local currency. I think when this will hapoen we will achieve the peak of crypto adoption right at that moment.

[mksundip]

it looks like the blockchain will be used by many industries, especially banking, but not to adopt cryptocurrency, only technology and blockhain systems will be used

[Abiky]

Hmmm… what you're saying is the truth. But I don't really think that banks are going to make use of these altcoins you have mentioned. What they might do is try to build something similar to them that they will be in full control of and that might then serves as a replacement for SWIFT. But we never know yet, or they can still do an upgrade that will help them continue with their current system. We just don't know anything yet.

Agree. Banks could either use a Blockchain system of their own, or simply join an existent Blockchain (mostly centralized) like Ripple or Stellar. On the other hand, SWIFT could either join the Blockchain or remain as is. But, that doesn't matter because Banks have slowly been adopting Blockchain technology for their own benefit. With or without SWIFT, I believe that our current financial system will be greatly improved in the future. Within a few years from now, we might not be using physical cash, but rather a "digital" version of Fiat.

There's a high probability that central banks will be using their own Blockchain ledger, instead of an existent one like Ripple, because it gives them greater control over transactions made worldwide. They could easily check balances, restrict accounts, or even freeze them with ease. A Blockchain system governed by Banks would be viable for the next generation of Fiat currency.

Nonetheless, Blockchain technology is still fairly new to the world. Which means, that it's still early to determine whenever it'll be the ideal solution for finance or not. As time goes by, technology will improve in many ways. Given the uncertainty of crypto and Blockchain tech, no one knows what will happen in the future. Just my thoughts

[fullhdpixel]

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?

With technology improved, i think it could happen SWIFT replaced by blockchain technology. Many banks adopting blockchain technology and i think when banks use blockchain technology for every transaction, SWIFT can be old technology for banking technology

Most companies now are beginning to consider the use of blockchain the technology to operate their entire system and I think when it starts becoming glaring that blockchain technology is pushing swift out of the system already, they will also act fast on developing their own blockchain too, which is why I still believe that SWIFT may not really go out of fashion in any time.

They have very strong technology that has been able to sustain the company for a very long time which I am sure they will not be willing to give up anytime soon provided the team behind their technology is still much alive and following trend.

[cahbagus555]

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?

Stellar could adopted by many banks and for bussiness or financial service. About SWIFT, blockchain is efficient technology and very transparant ledger, if banks use blockchain technology, i think SWIFT could replace by blockchain

[Abiky]

Most companies now are beginning to consider the use of blockchain the technology to operate their entire system and I think when it starts becoming glaring that blockchain technology is pushing swift out of the system already, they will also act fast on developing their own blockchain too, which is why I still believe that SWIFT may not really go out of fashion in any time.

They have very strong technology that has been able to sustain the company for a very long time which I am sure they will not be willing to give up anytime soon provided the team behind their technology is still much alive and following trend.

Yes. One way or another, mainstream businesses and financial institutions will start embracing Blockchain in every way. SWIFT can either join the Blockchain or be left behind as Banks look for other solutions that will increase efficiency over mainstream transactions. The most likely situation would be, that Banks will devise their own private Blockchain for better control over people's transactions. While Ripple provides a centralized solution that is regulatory-compliant, it may not be enough for most central banks worldwide.

As a result, private Blockchains will better suit their purpose for B2B transactions giving centralized entities complete control over the network's activities. On the other hand, public Blockchains like Bitcoin and Ethereum will better suit their purpose for decentralized payments that are secure and censorship-resistant for the world. Hence, it's not about SWIFT or Ripple, but rather how Blockchain could transform our economy for the better. Just my thoughts