Will Blockchain replace SWIFT? | Bitcointalksearch.org

Panda Trump

sr. member

Activity: 588

Merit: 254

Quote from: Official Armor Ceramics on September 26, 2017, 01:48:06 AM

Who will stay alive: SWIFT or Blockchain?

This question is being discussed by innovators in the blockchain industry and fintech specialists, because the new technologies make it possible to negotiate without financial intermediaries.

It's very likely that they will co-exist. Although we haven't reached the full power of blockchain technology yet, I don't believe it can fully replace the banks, which use the system.
Maybe, it will be fully replaced by other systems that involve blockchain technology, but I am convinced that that won't happen in the next couple of decades.

Regards,
Trump

shuhei

newbie

Activity: 37

Merit: 0

Quote from: Official Armor Ceramics on September 26, 2017, 01:48:06 AM

Who will stay alive: SWIFT or Blockchain?

This question is being discussed by innovators in the blockchain industry and fintech specialists, because the new technologies make it possible to negotiate without financial intermediaries.

I think that remittances not via central banks will not go through money laundering or country remittance restrictions. Governments will not allow such a situation. In other words, I believe that non-centralized Bitcoin will be regulated.

Proton2233

sr. member

Activity: 434

Merit: 252

Swift only deals with Fiat. Bitcoin is a direct competitor for banks and so it is not interesting to them. States will never give up Fiat. The banking system is part of the state system. Therefore, the blockchain, and swift will always exist in parallel.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Blockchain replacing SWIFT may be a bit too far-fetched in my opinion. I believe there are supporters of blockchain and SWIFT in the world and they will each grow their own business models. There will be competition between the two and there cannot be a easy replacement of one by another. Like it is generally seen that blockchain technology is talked about getting integrated into banks but this never happens only the talk happens and so I dont think the two can be unified as well.

Hydrogen

legendary

Activity: 2562

Merit: 1441

Bankers are filing hundreds of patents to claim ownership of blockchain technology.

If those patents succeed, it won't matter if blockchain replaces SWIFT, bankers will still "own" it. At least in the united states.

China doesn't care about honoring intellectual property, copyrights nor patents. Russia doesn't care what bankers think they own the patents to. Internationally, everyone knows those patents are bogus and no one is likely to abide by it, even if banks find someone to rule in their favor.

Blockchain isn't the biggest threat to SWIFT. The biggest danger to SWIFT are probably those who own the SWIFT system that made an error in believing SWIFT gave them a irreplaceable monopoly over international exchange. Their strongarm & bullying tactics are the biggest variable contributing towards SWIFT's systemic demise.

pitham1

legendary

Activity: 1232

Merit: 1000

Quote from: Official Armor Ceramics on September 26, 2017, 01:48:06 AM

Who will stay alive: SWIFT or Blockchain?

This question is being discussed by innovators in the blockchain industry and fintech specialists, because the new technologies make it possible to negotiate without financial intermediaries.

SWIFT is an organization. It is already researching blockchain. Swift is owned by banks and it will adopt the blockchain. So no new organization is going to be able to replace SWIFT with a blockchain based model.

Official Armor Ceramics

newbie

Activity: 28

Merit: 0

Who will stay alive: SWIFT or Blockchain?

This question is being discussed by innovators in the blockchain industry and fintech specialists, because the new technologies make it possible to negotiate without financial intermediaries.

Topic: Will Blockchain replace SWIFT? (Read 304 times)