/biz/ - Business & Finance

[Anonymous No.11431004]

>not all in yet

The banking landscape in Europe will change radically in a short period as Europeans begin to take advantage of the latest technology offered by Fintechs to meet their banking needs in today's world. Blockchain technology has come along at precisely the right time, and DLT has become almost as big of a buzz-word as Fintech itself. Also, in extraordinarily good timing comes ChainLink, a service that bridges the gap between Fintechs using DLT and Financial Institution APIs.

Behind the shiny new APIs lies the prize that SmartContract have evidently positioned themselves on - legacy payment systems that will accept nothing but the payment formats they were originally designed for. This format is likely to be the new (actually >15 years old) ISO 20022 XML format. Any Fintechs wishing to make use of the new APIs can bet for sure that the Banks will not be converting formats on their behalf and instead will need to submit instructions in ISO 20022 format. Through their PoC with SWIFT, ChainLink has proven themselves as being capable of not just bridging the gap, but supporting the very formats that will run the post-PSD2 banking world.

There is a lot of speculation since the PoC about a partnership with SWIFT. For me, SWIFT has already given ChainLink something very valuable; a platform on the closed stage of the Financial Services Industry. SWIFT is seen in the sector as the keeper and enforcer of best practice for financial messaging standards so when Fintechs and Banks decide which Oracle services to use, ChainLink stands poised as a service made credible by SWIFT.

[Anonymous No.11431016]

cont.

It's important to note that after the introduction of PSD2 APIs, Banks and Fintechs will not require SWIFT's telecommunications to communicate and therefore can work directly with ChainLink to connect to on-chain/off-chain data.

Often people suggest firms will just build their own oracles, but the reality is Banks will not be providing this service as, unsurprisingly, they aren't going to make the job any easier for 3rd party Fintechs. Meanwhile, Fintechs are often brand new companies who are not going to be spending their start-up funds re-writing Microsoft Outlook just because they can - they will simply engage with the industry standard oracle; ChainLink.

As you can tell, I am bullish about ChainLink. Often in crypto, the old saying about how the guy selling shovels in a gold rush is the one to get rich. Well, I believe PSD2 is another gold rush and ChainLink is the first in the door selling the shovels, the diggers, and the whole wash plant.

[Anonymous No.11431026]

Most blockchains can use their own oracles, its such a mundane low level thing that they don't do it because they are focusing on scalability and security.

Buying ChainLink is like buying bread before you have a toaster.

[Anonymous No.11431028]

cont.

Chainlink nodes run Intel SGX right so you'll have a decentralized Oracle network on the front end that can also handle confidential bank data on the back end. Also be able to aggregate responses off-chain and transmit and single message to the ethereum blockchain which will allow for complex computational smart contract code to scale..also opens up a wide variety of use cases such as keeping pertinent privacy information like someones bank details off the public chain for everyone to see or even simple payment credentials.

[Anonymous No.11431038]

comfy

[Anonymous No.11431045]

https://financialit.net/news/banking/swift-creates-financial-sector-api-blueprint

[Anonymous No.11431050]

>>11431004
Nice to see someone else thinks that plebbit pasta thread from yesterday is onto something.

[Anonymous No.11431093]

>>11431026
ha joke on you. i like raw bread

[Anonymous No.11431106]

>>11431050
DLT at the end of the swift whitepaper was a hyperlink. It leads to the September 2016 report on SCs and DLT.

https://www.swift.com/sites/default/files/resources/swift_info_paper_distributedledgerstandards.pdf

[Anonymous No.11431128]

10K$ End of 2020

[Anonymous No.11431139]

anymore copy pasta information?

[Anonymous No.11431248]

50k link and 1 bitcoin left

[Anonymous No.11431273]