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"What's the future of Swift?" Since the rise of blockchain technology, the fate of the financial messaging platform has been at the center of discussions between startups and incumbents. However, the subject was raised again recently by a perhaps unlikely source: Jim Cunha, senior vice president of the Federal Reserve Bank of Boston.
A high-ranking official at one of the 12 institutions that comprise the U.S. central bank system, Cunha drew laughs at a fintech conference hosted by the Federal Reserve Bank of Philadelphia last week when he jokingly tried to defer the question to another panelist.
But despite the acknowledgment of how contentious that question can be, eventually, he answered, and in doing so, he showcased an acceptance of the changing role middlemen of all kinds will have to adopt to stay relevant as industries begin migrating to blockchains.
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A high-ranking official at one of the 12 institutions that comprise the U.S. central bank system, Cunha drew laughs at a fintech conference hosted by the Federal Reserve Bank of Philadelphia last week when he jokingly tried to defer the question to another panelist.
But despite the acknowledgment of how contentious that question can be, eventually, he answered, and in doing so, he showcased an acceptance of the changing role middlemen of all kinds will have to adopt to stay relevant as industries begin migrating to blockchains.
More of this here...
I always love the fact that blockchain technology is here to disrupt many institutions (that we know for years and have already suffered the many signs of aging) and even people as it can be that catalyst of change we need. Blockchain technology is now posing a big challenge to SWIFT and am sure that it will be forced to come up with its own defense soon as there are now many groups using the innovations provided by blockchain to challenge its role and market reach.