The ongoing experiment between Chainlink and Swift is laying the groundwork for a global, interoperable network of public and private blockchains, according to Alex Kech.
- The Society for Worldwide Interbank Financial Telecommunications recently released the results of experiments it conducted with Chainlink , a leading Web3 service platform, which demonstrated that Swift infrastructure is capable of facilitating the transfer of tokenized value across multiple public and private blockchain networks.
“So they’re all securely connected to Swift, and they used this secure access to the Swift network, along with a bridge built by Chainlink, to move an asset from a private blockchain to a public chain, a public chain to another chain, and so on,” he said. “If you imagine a world where everything is tokenized on blockchains, we end up with a global infrastructure where any digital asset can be exchanged and traded with another digital asset, similar to what happens on Ethereum.
But this solution isn’t the end goal, as it “doesn’t make much sense to have people communicating on blockchains using Swift messages,” he said. “You can't really leverage the entirety of the potential of blockchain if you do that. Smart contract functionality can't really be leveraged if you do that, you can really only do transfers of assets. So it's just a first step.
“I do believe that every bank and financial market infrastructure provider, like SIX Group, for example, see tokenization as the future and therefore need to adapt or disappear,” he said. “It's as simple as that.” When asked about SDX’s experience in the Swift-Chainlink experiment, Kech said they participated in the “non-functional type of analysis,” which involved evaluating things like what the system means “in terms of control over the asset, in terms of KYC of the participants, and how a platform, as an infrastructure provider, can keep the necessary control and abide by local regulations that are applicable to that type of setup.
As for what banks should do in response to the Swift experiment, Kech said, “Beyond contributing to such useful exercises, they would not need to do anything. They can reuse their existing traditional messaging infrastructure to instruct the movement of a token from A to B, be it on the same blockchain or a different blockchain.”
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