What will be the consequences of Blockchain integration in SWIFT’s system for global banking and for all cryptocurrencies ? World experts commented to CoinTelegraphCT r: 30 regarding the announcement of Wim Raymaekers , Head of Banking and Treasury Markets at SWIFT .
According to Raymaekers, the international provider of secure financial messaging services may integrate FinTech innovations, including Blockchain, to implement faster and transparent cross-border payments . International Business Times reports that SWIFT plans to launch this initiative early in 2016.
Wim Raymaekers said: "We can look at changing correspondent banking settlements and maybe having blockchain technology rather than bilateral correspondent accounts." Raymaekers mentioned that Blockchain technology can be used in various areas, such as securities, but he notes that this task is a strategic roadmap that banks have to develop. He advises banks to build it into their existing systems to maintain maximum compliance and control. Building innovations into existing systems CoinTelegraph decided to find out the possibilities for a future of such an initiative and asked leading Blockchain and BitcoinCT r: 10 specialists from all over the world: USA , China, UK, Greece, Italy, Canada , and India .
Andreas M. Antonopoulos, Security and Distributed Systems Expert , notes that SWIFT doesn’t have enough understanding of Blockchain technology and the open source of Bitcoin . He says: “SWIFT has chosen the closed access, centralized, fragile, insecure, permissioned and less innovative alternate because they don’t want to accept that we now live in a world where finance can be open access, open source, decentralized, global, robust, secure with permissionless innovation, like bitcoin is. They will waste countless millions following a dead end, while providing training for thousands of developers who will eventually move to work on the open systems. SWIFT has basically endorsed the design pattern of bitcoin while completely […]
