/biz/ - Business & Finance

>CHAINLINK BANKING ALLIANCE LEADS THE FUTURE OF FINANCE WITH GLOBAL SWIFT INTEGRATION AND CCIP

>The Chainlink Banking Alliance, an unprecedented collaboration of top-tier banks and financial institutions, is set to revolutionize the world of finance through the utilization of Chainlink's cutting-edge technology and the adoption of the Chainlink Interoperability Protocol (CCIP). The alliance has successfully onboarded a multitude of renowned banks as nodes on the Chainlink network, and they have also partnered with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) for seamless integration.

>The announcement comes as the financial industry continues to embrace blockchain technology and decentralized solutions, and the Chainlink Banking Alliance is leading the charge by ensuring secure and efficient data connectivity for its members.

>Several leading banks and financial institutions have already joined the alliance, including:

>JPMorgan Chase & Co.
>Bank of America
>HSBC Holdings plc
>Deutsche Bank AG
>Citigroup Inc.
>BNP Paribas
>Wells Fargo & Co.
>Barclays PLC
>Société Générale

>These prominent institutions have recognized the potential of Chainlink's decentralized oracle network and CCIP to enhance their services, streamline cross-border transactions, and improve the overall efficiency of their operations. The alliance aims to unlock unparalleled scalability and real-time connectivity for its members, enabling faster and more reliable information transfer across the global financial landscape.

>The alliance members will actively contribute to the Chainlink ecosystem by running nodes, securing the network, and participating in the development of decentralized applications (dApps) tailored to meet the specific needs of the financial industry.

swift com/news-events/news/announcing-chainlink-banking-alliance

>>11302219
This, all we have on salesforce is one tweet to its CEO from Sergey, Salesforce announcing blockchain product and one literally who Salesforce employee like Chainlink on twitter...

Salesforce is one of the weakest connection... there are better connections to chainlink...
I have no problem with Salesforce announcing they are not working with Chainlink... on the other hand we have Swift and Docusign and Accord and Digital Asset and many more and way better connections so focus more on that....

Mainnet confirmed Sept. 24. Final warning. Get in or stay poor.

**BYE BYE XRP**

SWIFT's latest major press release (from 2 days ago) once again underscores the significance of smart contracts.
https://www.swift.com/news-events/press-releases/swift-and-csd-community-advance-blockchain-for-post-trade

Direct quote from this press release:
>Based on our experience, blockchain, smart contracts, and other FinTech solutions may significantly upgrade the quality of services provided to our existing and potential clients.
This quote is by Eddie Astanin, Chairman of "National Settlement Depository", a major Russian financial institution: https://www.wikiwand.com/en/National_Settlement_Depository_(Russia)

And I hope I don't need to remind you that a little project called "Smartcontract.com" (aka Chainlink) was the ONLY external crypto dev that was invited and paid by Swift to demo its project at Swift's SIBOS conference last year.

Does this mean the partnership is dead and swift will use something else now?

Are you going all in when this is worth a dime?

So this article has been making the rounds:
https://www.gtreview.com/news/global/swift-finds-blockchain-has-potential-but-will-not-commit-yet/

1) this article is about the nostro-vostro project, and LINK has nothing to do with this.
Even if SWIFT's nostro-vostro project never uses a blockchain, it would not impact SWIFT's use of Chainlink smart contracts.
Here's this nostro-vostro project: https://www.coindesk.com/swift-selects-hyperledger-tech-cross-border-blockchain-test/
LINK was never involved. Its demo for instance was a completely distinct use case involving smart securities/bonds and ISO-compliant messaging (the backbone of SWIFT).

2) the "blockchain" in the article is Hyperledger Fabric, and it is literally stated in the article that SWIFT might still use a different blockchain still for the nostro-vostro project.
>Even if Swift were to pick blockchain to address current inefficiencies, the choice of specific platform that it uses – Hyperledger Fabric – is not set in stone.

And then there's these little gems:
>Swift has concluded that it’s “crucial” that integration with legacy back-office applications and co-existence with existing processes are taken into account.
and
>“Swift needs to bring a solution which minimises investment costs and allows co-existence with existing infrastructure and solutions.”

This screams Chainlink (which is low threshold, plug&play).

SWIFT is feeling the heat from Ripple and IBM (with Lumens).
Cross-border payments with blockchain are almost instance, while it takes a full day for SWIFT's ongoing GPI project to process payments.
they are adopting blockchain tech, there is no question about it.

>>3738877

>direct competitors

Except these are all centralized. Oracles have existed for a while. ChainLink is the first completely decentralized Oracle. You can literally go to those website and see theyre being used to play Eth based go-fish games. Child's play.

Meanwhile, pic related.

>>3671533
>internally swift doesnt care. has much more advanced projects on the way.
Wrong.
You are completely out of the loop my friend.

SWIFT's ***NUMBER ONE*** blockchain project is a 'Proof of Concept' trial based on Hyperledger (a Distributed Ledger Tech or DLT of which SWIFT was a founding member).
The aim is to facilitate international transactions.

This PoC trial consists of two main parts:

1) Hyperledger implementation itself (already launched, 30 banks already implemented it)

2) ***DRUM ROLL*** Smart contracts to help automate the transfer process.

Guess who's doing the live demo for part 2) of SWIFT's premier blockchain project? (at SWIFT's SIBOS conference on October 16th)
That's right, pic related.

Source: https://www.swift.com/node/39911
(this is a PDF download of an official SWIFT doc. If you don't trust my link, google "Information paper Distributed Ledgers, Smart Contracts, Business Standards and ISO 20022")

>>3662188

Idk why no one is answering your question. I can give it to you in the simplest possible terms:

1. Eth can use smartcontracts. Smartcontracts are awesome but they are confined within the blockchain. In otherwords, right now smartcontracts are "you send 1 eth and I'll send back 1000 McTokens", and this contract is verifiable/trustless/awesome. But its stuck on the blockchain.

2. Its possible to use external data to inform these contracts. Lets say the external data is a transaction of Dollars for ETH. So you send 300$ do X bank account and then I send One Eth to your address.

This is great, but how do you get that information -- the fact that the $300 has been sent -- onto the blockchain using data that the smartcontract undertands?

3. Oracles. Right now the answer is hey we can hire Oracle X to do the translation do represent this bank dollar transaction on the blockchain. Problem with this is that you are 100% TRUSTING that oracle do act prudently. That they don't tamper with the data. This is a HUGE problem for Banks who want to get into blockchain but have to trust a centralized oracle to translate data. This Oracle can be hacked, falsified, defrauded, really all the problems that come with cenralization.

4. ChainLink - this service DECENTRALIZES that translation process of the Oracle. Now, the translation is trustless, and you have a trustless data feed that informs the trustless smart contract.

Multibillion dollar institutions can rely on distributed blockchain technology and know the data that informs their smart contracts is tamperproof.

Not even shilling. At this point I'm just bragging

>bear month over
>bull month starting
>SIBOS taking place in a few weeks, just as confidence in crypto is firmly in the green again

Literally shitting money after Oct. 16.

***DISCLAIMER***
Remember that selling LINK after SIBOS is like tearing up your lottery ticket after your numbers came up.

Reminder that selling LINK after SIBOS is like tearing up your lottery ticket after your numbers came up.

I think it is already confirmed that SWIFT had chainlink make their smart oracles named SWIFT smart oracles. This was on smartcontract.com website. So yes SWIFT will use hyperledger, btc, ETH but they will use SWIFT smart oracles to verify transactions.

Who here ready to get filthy rich from LINK? SWIFT performs 26.52 million network transactions PER DAY. And they are still growing.
source
> https://www.swift.com/about-us/swift-fin-traffic-figures

With their partnership with ChainLink aka SmartContract confirmed and with SWIFT and 32 banks including Wells Fargo testing blockchain tech, ChainLink is going to be make you ungodly wealthy if you are hodling a decent amount.

Congratulations to you if you were smart enough to invest in LINK