In a move that is sure to make Ripple nervous, traditional financial network Swift announced yesterday that it is partnering with Consensys and more than 30 global banks to build a blockchain based network that will run in parallel with its traditional network. Interestingly, unlike XRP, there is no native coin, rather it aims for interoperability (probably using Chainlink with whom the company did case studies for a few years already). There is also a strong focus on regulatory compliance.
It’s strange to me when people don’t understand the technological breakthrough of open ledgers. Even Swift gets it.
This isn’t likely to be open at all.
It’s also strange to me when people misunderstand the importance and viable applications of open ledgers.
Swift appears to be using them correctly, but so many others will get it wrong.
Except… the real way to use them is to just integrate them on the back end to the existing system, such that for most people there’s no observable change. This would eliminate skimming and provide another layer of evidence during disputes, without otherwise affecting what already exists.