IBM Connects Banks to Blockchain Network via Swift

IBM has connected banks to its blockchain network using the Swift messaging system. This move is expected to increase efficiency and security in cross-border transactions.

The partnership between IBM and Swift aims to leverage the latter's extensive network of over 11,000 financial institutions worldwide. By integrating with Swift's blockchain-based platform, participating banks can now access a secure and efficient means of conducting international payments.

This integration is seen as a significant step forward in the adoption of blockchain technology by the banking sector. It has the potential to reduce transaction times, increase transparency, and minimize the risk of errors or cyber attacks.