Swift is sidestepping blockchain as part of its cross-border payments rebuild.
Going against the global trend of financial institutions (who believe blockchain tech could make cross-border payments faster and cheaper), Swift wants to show that it can be done using more traditional methods.
The interbank payments platform launches today its GPI initiative, an application layer built on top of the existing system that aims to increase speed and transparency. Absent from the technology is any integration with blockchains or distributed ledgers.
CoinDesk spoke to project director Wim Raymaekers, who emphasized that one of the main advantages of the GPI upgrade is that it is based on technology that is available now, that has been exhaustively tested, and that is relatively inexpensive to implement.
That does not mean, he explained, that Swift is not interested in the blockchain potential. Other trials are underway and are still on schedule to move forward.
The World Blockchain Forum, one of the most important events for blockchain in the Middle East and Asia, returns to Dubai at the prestigious Burj Al Arab in 2017. Join us and position yourself to capitalize on this massive investment in the region. The opportunities are enormous for those that understand the potential. Readers save 20% with VIP code WBFCD20.
Wait, there's more:
China's BTCC Becomes Latest Bitcoin Exchange to Freeze Withdrawals Following the example of its peers OKCoin and Huobi, the Shanghai-based exchange – one of China's largest – has announced that it is temporarily suspending cryptocurrency withdrawals while it completes an audit of its AML processes. This news does not seem to have had an impact on bitcoin prices. Read more.
US Health Department Hackathon to Focus on Blockchain Applications At a March event in Washington DC, the CDC and the US Department of Health will award between $500 and $5,000 to the blockchain solutions that best solve major US healthcare issues. Read more.
Dubai Innovation Office Seeking Startups for $20k Blockchain Contest The SDO Blockchain Challenge was announced late last month by the Smart Dubai Office in conjunction with US-based startup incubator 1776. The objective is to find solutions that could have an impact on the region's modernization drive. Read more.
Crypto Traders Flock to Altcoins Amid Bitcoin Price Malaise Bitcoin volumes continue to languish as crypto traders appear to prefer to wait on the sidelines for further news from China. Meanwhile, activity in other cryptocurrencies is picking up. Read more.
Can A New Method for Monitoring Blockchains Stop Sybil Attacks? A group of researchers at Zhejian University, the National University of Singapore and Tianji University has proposed a new way to identify suspicious behaviour in the nodes that relay information on a blockchain network. If successful, this proposal could enhance network security. Read more.
North Dakota's Bitcoin Regulation Hits Roadblock in New Hearing A bill to initiate study of bitcoin regulation reached the state's House of Representatives, only to be blocked by the committee considering the proposal. This could result in changes to the bill, or in a decision to abandon it entirely. Read more.
EU Commission: We Plan to Boost Support for Blockchain Projects Newly published statements reveal that the Commission plans to increase support initiatives over the coming months, as well as launch a study on how DLT technology can help to reshape public services. Read more.
The Sales and Marketing Associate is a sales-support position, responsible for identifying and contacting prospects, with the expectation of bringing revenue-producing clients into Genesis' digital currency business lines. More info.
GENESIS TRADING - Research Associate
The Research Associate will support the continued growth and expansion of the business, and will proactively assess new market opportunities and products within the digital currency space. More info.
Are you looking for talent? Let jacob@coindesk.com know if you're interested in posting job opportunities here.
0 Comments