Russian blockchain-based replacement for SWIFT is ready for testing

07/11 09:13

A pilot version of Russia's blockchain-based messaging network for banks and financial institutions, a replacement for SWIFT, is ready for testing and can be used in Russian banks, news agency RIA Novosti reported, citing a statement from the NTI Platform press service. "The pilot version of a decentralized system for interbank financial messages exchanging is ready for testing and can be used in banks", according to press-release by NTI Platform, a developer of the new system based in St. Petersburg. The project bandwidth is more than 25,000 messages per second on a single node, with the capacity of further scaling, said Alexander Kireev, technical director. Compared to traditional approach used by SWIFT for example, the use of blockchain technology which allows information to be stored and processed in a decentralized way, makes it impossible to ban, sanction or disconnect users of the network in a unilateral centralized way. This will create a secure and reliable environment for all participants, the developers emphasize.
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