R3 and Swift Announce Proof-of-Concept Collaboration
Blockchain development firm R3 is back at it again, announcing today that it has entered into an agreement with Swift, the world’s premier financial messaging service between major financial institutions.
After recently announcing that it had entered into a development agreement with ING, R3 is continuing to expand its portfolio and build blockchain-based products geared towards institutional adoption and integration.
Under the scope of this proof-of-concept collaboration, R3 will work to integrate its blockchain platform Corda with Swift’s GPI technology, a solution granting firms the ability to authorize and validate cross-border payments.
Institutions are Moving to Integrate Blockchain Solutions Into Their Operations
Swift isn’t the first cross-border payment solution to integrate blockchain technology. IBM and Stellar have teamed up to launch World Wire, which allows cross-border transactions between financial institutions by way of stable coins. Furthermore, AMEX joined Ripple to avail of business-to-business cross-border transactions.
This uptick in similar such announcements from mega corporations worldwide begs the question: In an industry rooted so passionately in the values of decentralization, are major institutions trying to centralize and privatize blockchain-based payment solutions for their own benefit?
Wednesday, January 30, 2019