Topic: Will Blockchain replace the SWIFT system used by Banks? - page 2. (Read 710 times)

I think that with the blockchain technology slowly making its way into many fields in our lives and people utilizing it in different projects and not just in finance and economy, it is only a matter of time before the whole world moves toward the next step with it and enter a new digital era, and for banks it is not different because they will find themselves at a disadvantages, so right now we see them starting to move towards and slowly easing their way into it.

this is interesting topics, since cryptocurrency become threat among bank products, and now especially in my country every banks has to develop their product into financial technology development to rival blockchain technology. they start to aware that cryptocurrency with blockchain technology will become more friendly and easy to use within bank products. But if blockchain replaced SWIFT in payment order or any order among banks, it should develop its security.

I think there is a problem. It is difficult to rearrange the global banking system. A radical approach is needed which will allow banks to switch to blockchain. And do not forget that not all countries support new technologies.

Its highly possible since Distributed Ledger Technology, (DLT) is showing some impressive results and wide applications in our ever changing world and i have no doubt that in the coming years it will be realized in mean time i hope the Banks will adopt it and use the same revolutionary technology to catch up with DLT base finance and payments platforms.

Every organization is looking forward to achieving something innovative, through the use of new methods, because you cannot achieve new results, using the same old method.
Despite how successful the old method (Swift system) used by banks, they are still thirty for innovative ideas and technology that could bring better result, which can be through blockchain technology. It is not compulsory that ripple be used, there are still others that can be integrated. It is now becoming competitive.

Blockchain will probably one day replace SWIFT system in banking, knowing a lot of its advantages. But it doesn't mean that XRP or some coins will be used. It'd better be a completely new coin joining developed by some bank associations. However, every innovation takes time. We can't expect blockchain to replace Swift in any time soon.

Banking institutions do not take away the possibility of blockchain technology replacing their current systems. That's why some banks are on the process of testing Ripple platform to see if it can fit into the system. This testing could really take a long time before it can be done perfectly. Along the testing period, there might be another blockchain-based platform that may arise.

well blockchain is really advanced technology and some company need to take the opportunity and upgrade to keep them advanced from their competitors or else they will be left behind.

Blockchain will be the best to represent the swift using by banks which will do more or less file keeping and untraceable transaction with a fast and life record .

Banks are still coming back to block chain only that they are trying to tackle crypto as a means of money to not be money which I think is an issue for them on the side of centralized.

I think that the blockchain system is better than the swift system used by banks now. Maybe someday this swift system will be replaced by the blockchain system. Indeed the banking world that is expected now is a bank that can cover all banks internationally. Therefore, we no longer need to exchange the money we have with the fiat currency of the country we want to visit. Of course the right thing to accommodate this condition is the blockchain system.

One thing that one has to understand when talking about SWIFT is that there are a lot of manual risk evaluation involved and as far as I can see blockchain wont solve them ( this is regarding large transfers) . The blockchain is very promising when it comes to relatively small international transfers.

Hmmm… what you're saying is the truth. But I don't really think that banks are going to make use of these altcoins you have mentioned. What they might do is try to build something similar to them that they will be in full control of and that might then serves as a replacement for SWIFT. But we never know yet, or they can still do an upgrade that will help them continue with their current system. We just don't know anything yet.

I have no doubt that in the near future the payment system will switch to the blockchain, the banks have already experienced it and found it much more convenient than SWIFT, but most likely this system will be completely centralized and very different from the existing platforms like stellar and XRP.

Blockchain technology is the future. And all the structures of the state, banking and other institutions are sure to move to the new system. It's gonna take some time. Banks will be very difficult to resist, so they deal with virtual money. You can't send air. So now the banks are deciding how to issue loans.

That's certainly true, mate. Since Blockchain technology is open source, Banks are free to do as they wish with it. They could either join an existing infrastructure like Ripple, or simply form a Blockchain of their own. Both sides have their respective advantages/disadvantages in which Banks have to keep in mind when adopting this emerging technology. If they decide to join Ripple or another Blockchain-based company, they'd gain better exposure towards mainstream finance. But, if they create their own private Blockchain, they would have the ability to control transaction activity at their hearts content.

Things aside, the current SWIFT system used by many Banks worldwide is known to be obsolete. It could survive for a couple of years from now, but it would need to embrace the Blockchain one way or the other. Otherwise, it'll be the end of SWIFT as we know it.

Nonetheless, it's expected that Banks' adoption of Blockchain grows tenfold within a couple of years from now. Once this happens, then our world's economy would improve in many ways that were never thought possible. Just my thoughts

It isn't necessary that some big giants like Ripple have to step up and provide blockchain services to Banks. Blockchain Technology is open-source and anyone can use and develop something out of it. It is quite handy for banking services as financial data can instantaneously remit over blockchain saving banks million of dollars.
In India, banks like ICICI Bank have already starting working on it and have future prospects of shifting to Blockchain based data management so what you are asking is surely achievable. ICICI Bank has partnered with Infoysis Finacle and currently developing first of its kind blockchain based network for international remittance and trade finance.

wow, that is unique.
Blockchain replace SWIFT banking system ?
it have a big possible to be, but need a long long time if we look right now.
blockchain is algorythm math with high level security and impossible to hack in block, that is good system to use on bank.

Indeed. Banks won't have a choice in the end, as Blockchain technology promises faster and cheaper transactions for their convenience. Knowing this, they've started to explore the technology more thoroughly in order to switch their entire infrastructure towards the Blockchain. My guess is that some Banks will use Ripple's Blockchain tech, while others will use Stellar's Blockchain tech with IBM's World Wire Payments Network.

Then, the outdated SWIFT system would have no choice but to adapt towards the Blockchain as well, or be left behind as other alternatives gain traction. There's a likely possibility that SWIFT will adopt Blockchain technology given how its competitors (Ripple and Stellar) have started to threaten its very existence. If this happens, then our economy will fully transition towards the Blockchain making it more efficient and transparent unlike never before. It's interesting to know how Blockchain has made strides not only in the financial world, but also in other areas such as identity issuance/verification, AI, and more.

Perhaps, in the future, we would be using Blockchain technology more thoroughly in our daily lives without noticing it. This is because, Banks, governments, and other entities will adopt Blockchain technology for everything we're used to in daily life. Nonetheless, whenever SWIFT will become replaced or not, the Fintech sector is advancing at a fast pace. Just my opinion

No one is going to replace to any one. Just it was a revolution of the technology that which is the perfect for the users. Another thing is that still the Bitcoin and the cryptos are not legalised most of the big economy. So, in the recent future the Blockchain will not replace the SWIFT system.

I wonder how someone find XRP interesting to invest these days because this someone just bought about 10M XRP which made the price surge. He must have some information besides hoping he'd profit when bulls finally gets to rally. XRP had been claiming all these bank partners but if its really that true how come they were not buying the coin when its all cheaper for them.