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The Almighty Buck

Swift To Build a Global Financial Blockchain (reuters.com) 33

Posted by BeauHD from the share-digital-ledgers dept.
Camembert writes: 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. There are several news articles and opinion pieces on this event; I linked the Reuters article.

Swift To Build a Global Financial Blockchain More | Reply

Swift To Build a Global Financial Blockchain

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  • just FYI (Score:3)

    by Kokuyo ( 549451 ) on Tuesday September 30, 2025 @09:10AM (#65692552) Journal

    Someone making or planning to make a blockchain product is as much news as some butterfly flapping its wings.

    When somebody manages to come up with a useful product, that's when I want to hear about it.

    • Re: (Score:1)

      by Anonymous Coward

      FTFA:

      SWIFT and more than 30 global banks announced on Monday they were now working "at pace" on making cross-border payments instantaneous and on a system capable of handling the various new forms of digital money.

      Would be nice to make payments between USA and EU accounts without having to pay the fee to Wise, and have it done instantaneously too. The blockchain is their way of distributing the ability to do this though how this is better than existing schemes like IBAN, other than consolidating power into these players hands, I'm not sure. Allowing them to bypass government auditing when necessary probably is one big benefit to these banks.

    • Check out XRP and Flare and Firelight.

      • Re: (Score:2)

        by Kokuyo ( 549451 )

        I have googled these terms. I have received a bunch of buzzword gobbledygook.

        From what I can deduce, it's all yet another crypto crap.

        Not impressed.

        • I have googled these terms. I have received a bunch of buzzword gobbledygook.

          From what I can deduce, it's all yet another crypto crap.

          Not impressed.

          Weird, I searched those terms with google and the AI synopsis showed me this:

          XRP, Flare, and Firelight are interconnected projects focused on bringing decentralized finance (DeFi) utility to the XRP ecosystem. Flare is a layer-1 blockchain that serves as a bridge, while Firelight is a staking protocol built on Flare that allows XRP holders to earn yield.

          So Flare and Firelight allow XRP holders to earn interest on their XRP. Sounds useful to me. You're not interested in compounding interest? Are you su

    • Re: (Score:3, Insightful)

      by TheMiddleRoad ( 1153113 )

      Child porn and extortion are 100% legitimate uses of crypto. Why, without crypto, many billions of dollars would be lost to North Korea and criminal syndicates. Think of the scum!

    • I helped pentest a blockchain voting app with some people at Defcon 2023. This app was designed to be highly secure, transparent, and safe. It would ensure free, fair, and transparent elections anywhere that implemented it. Your vote would be signed by a FIDO2 key you possess (these would, of course, be distributed with your voting registration confirmations), anonymously to the public but signed by your local election board/gov and not giving them more info than they already get. This app was battle tested
      • No need for your oh-so-fragil BLOCKCHAIN crap when paper and quality American-made pencils remain readable immediately and in a century. Freaks who try burning P&P based votes may be shot, while byte-boi hackerz anonymously eat-thru purposefully weakened software structures; every soft-ware structure. So the prudent voting structure is based on well-tested 10-K year-old technology. Better than inscribed glass ? No, but one always compromises quality

  • Probably the best use case.. (Score:3)

    by DarkOx ( 621550 ) on Tuesday September 30, 2025 @09:12AM (#65692556) Journal

    Honestly this is probably the best use case for the entire concept.

    Settlements among a finite number of entities that actually do know and trust each other. You get a robust and crypto graphically secure audit trail so if anyone has an internal controls failure it will be easy to spot what happened. At the same time because all the entities have some relationship, nobody is going to piss in the pool and attempt shenanigans like creating processing delays or trying to attack/capture the quorum etc.

    • Re: (Score:2)

      by mysidia ( 191772 )

      You get a robust and crypto graphically secure audit trail so if anyone has an internal controls failure it will be easy to
      Except it is not exactly cryptographically secure. The security of a blockchain depends on the computation power of its miners.

      Bitcoin is highly secure, because of the fact the hash rate is so high It is infeasible for a person to build their own offline system that can consistently find blocks faster than the whole rest of the network -- Also known as a single miner possessing 51% o

    • Honestly this is probably the best use case for the entire concept.

      Why? What problem does blockchain solve here? Swift is already a highly reliable network for international money transfer. It provides direct 1 to 1 communication between parties to enable a transfer and agree a settlement. What benefit is there on writing this on some block chain?

      To address your point: The audit trail already exists for all purposes: seeing that money is transferred. That's what the network was for in the first place.
      It is also secure, without any major problems thanks to careful anomaly d

  • Wow (Score:2)

    by Krymzn ( 1812686 )
    I didn't know she could program.
  • It only does messaging. It can't track debt. XRP is a platform.
  • I was confused for a second because you used "Swift" instead of "SWIFT". The name is captialised.

  • Is blockchain still a thing? (Score:4, Insightful)

    by thesjaakspoiler ( 4782965 ) on Tuesday September 30, 2025 @10:35AM (#65692730)

    I thought we had passed that hype already.

    • The music hasn't stopped yet, but the end is near.

    • Yeah, that's what they wanted. Then they quietly and slowly got in to the scene and soon it'll take over. Just like everything in computers.

      The WEF told everyone what cryptos to invest in. Check page 17 in this PDF. 17th letter of the alphabet is Q.

      https://www3.weforum.org/docs/WEF_Getting_Started_Cryptocurrency_2021.pdf

  • Cryptocurrencies function like a gigantic financial version of a cloud computer system. Where a problem in one spot can instantly spread across the whole system and cause a global economic meltdown. So-called crypto assets have a lot of weaknesses; like leverage, liquidity mismatches, and fragile technology, that can amplify small shocks into big systemic disruptions. The way crypto is so tightly connected to traditional finance makes it even easier for trouble in one area to cascade rapidly everywhere else
  • If it's controlled is some way or another by an entity or group of entities, it's a blockchain... it's just another database with a fancy name. Since it will be strongly supported regulations, it implied that it will be controlled and validated transactions.

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