The society for worldwide interbank financial communication channels SWIFT published the results of a multi-year project protocols Proof-of-Concept (PoC).
This project uses the platform open source Hyperledger Fabric and focuses on the use of nostro or Bank accounts opened with banks in other banks.
Recall that last fall, SWIFT announced the successful completion of the test protocols, Proof-of-Concept (PoC).
Damien, Vanderveken (Damien Vanderveken), head of research and development, SWIFT, said in a statement:
“Sandbox DLT allowed us to control access, identify and apply user privileges, physically separate sensitive data and store them only with the appropriate parties, maintaining a strong identification structure, linking all participants with their BIC and having all the keys signed by a certification authority SWIFT”.
In an interview with CoinDesk, Vanderveken noted that “now we can do much of what I couldn’t do before. Until, of course, not everything, but it’s just a matter of time. When all problems will be solved, we will be absolutely happy”.
According to Vanderveken, from a technological point of view, “progress compared to what it was a year ago, just a huge and fantastic.”
However, the report also informs SWIFT about the bandwidth limitations of the current blockchain solutions, considering that on a commercial level, the system must be able to handle many more channels than demonstrated proof-of-concept.
However, the test showed that the banks can in real-time operation using the technology of distributed registry in accordance to the reporting requirements.