SWIFT will establish a blockchain-based ledger for financial companies.

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[SWIFT will establish a blockchain-based ledger for financial companies] The Society for Worldwide Interbank Financial Telecommunication (SWIFT) will add a blockchain-based ledger to its infrastructure. Global financial institutions use SWIFT to send tens of millions of transaction orders every day. SWIFT stated in a press release on Monday that it has initiated work on the design and construction of the ledger with more than 30 global financial institutions, including JPMorgan Chase, HSBC Holdings, Bank of America, and Deutsche Bank. The first prototype will focus on real-time, 24/7 cross-border payments and will use technology from the American blockchain software company Consensys. The ultimate goal of SWIFT's blockchain-based infrastructure is to allow its members to use the network for transactions involving various digital assets, such as stablecoins, tokenization deposits, or other tokenized assets. Previously, blockchain technology experiments, including Singapore's Monetary Authority's Project Guardian, have been conducted for many years. ( Jin10 )

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