{"id":83848,"date":"2023-08-31T18:13:40","date_gmt":"2023-08-31T15:13:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83848"},"modified":"2025-09-12T13:40:15","modified_gmt":"2025-09-12T10:40:15","slug":"swift-flags-compatibility-hurdles-between-tradfi-and-blockchains","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/swift-flags-compatibility-hurdles-between-tradfi-and-blockchains\/","title":{"rendered":"SWIFT flags compatibility hurdles between TradFi and blockchains"},"content":{"rendered":"<p>In the near term, combining traditional financial systems with blockchains is preferable to tokenised assets in a single registry. To this conclusion <a href=\"https:\/\/www.swift.com\/news-events\/press-releases\/swift-unlocks-potential-tokenisation-successful-blockchain-experiments\">\u043f\u0440\u0438\u0448\u043b\u0438<\/a> in SWIFT.<\/p>\n<p>The organisation&#8217;s specialists emphasised that the phased, step-by-step implementation of the first approach is more justified.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/image-589.webp\" alt=\"image-589\" class=\"wp-image-214820\"\/><figcaption class=\"wp-element-caption\">A diagram showing banks connected to various blockchains via SWIFT. Data: SWIFT.<\/figcaption><\/figure>\n<\/div>\n<p>Analysts say that there is currently no secure interoperability between different blockchains. This leads to various inefficiencies and a poor user experience. The organisation is convinced there is potential to address the issue of functional interoperability.<\/p>\n<p>Working with various financial institutions and the blockchain oracle network<a href=\"https:\/\/forklog.com\/en\/news\/what-is-chainlink-link\"> Chainlink<\/a>, SWIFT has demonstrated the viability of a single access point to multiple blockchains built on existing infrastructure.<\/p>\n<p>According to the report authors, this significantly reduces operational problems and the costs for institutions to support tokenised assets.<\/p>\n<p>According to SWIFT&#8217;s Director of Innovation, Tom Tszhaka, tokenisation will fully unlock the potential once institutions are connected to the entire financial ecosystem.<\/p>\n<p>The report highlights the technology&#8217;s advantages: increased liquidity and automation, as well as high transparency and security.<\/p>\n<p>A lack of thorough regulatory and legal groundwork remains a barrier to tokenisation adoption, the specialists explained.<\/p>\n<p>As reported, Chainlink<a href=\"https:\/\/forklog.com\/en\/news\/chainlink-and-swift-to-develop-cross-chain-transaction-solution\"> \u0434\u043e\u0433\u043e\u0432\u043e\u0440\u0438\u043b\u0438\u0441\u044c \u043e \u0441\u043e\u0442\u0440\u0443\u0434\u043d\u0438\u0447\u0435\u0441\u0442\u0432\u0435<\/a> in September 2022.<\/p>\n<p>The organisation employs Cross-Chain Interoperability Protocol (CCIP) \u2014 a cross-chain interoperability protocol. The solution is designed to unify <span data-descr=\"decentralized applications\" class=\"old_tooltip\">dapps<\/span> across both public and private blockchains. CCIP will allow interbank messages to carry instructions for on-chain transfers of crypto assets.<\/p>\n<p>In July 2022 Chainlink<a href=\"https:\/\/forklog.com\/en\/news\/chainlink-to-open-access-to-the-cross-chain-interoperability-protocol\"> opened<\/a> early access to the protocol in testnets Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the near term, combining traditional finance with blockchains is preferable to tokenised assets in a single registry. SWIFT reached this conclusion.<\/p>\n","protected":false},"author":1,"featured_media":83849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,25,1388,116],"class_list":["post-83848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-blockchain","tag-chainlink-link","tag-swift"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=83848"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83848\/revisions"}],"predecessor-version":[{"id":83850,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83848\/revisions\/83850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/83849"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}