SWIFT has published a fresh new report about its intention to develop a distributed ledger application platform.
This report comes after a broad research and development between SWIFT and Accenture, providing new details on SWIFT’s insight into the transaction settlement and identity management of blockchain technology.
According to the report, SWIFT is planning to create “a distinctive (distributed ledger technology) DLT platform” focused on financial applications. Moreover, report shows that further areas of development should be focused on governance, data control, compliance, standards, identity, security, scalability and overall reliability.
David Treat, a managing director and global head of Accenture’s Capital Markets Blockchain practice says: “The financial services industry is moving from an educational phase, into an application phase when it comes to DLTs. We now have a strong understanding of DLT and its benefits, but we need to identify which areas are best suited, as the technology will not be a silver bullet to solve all business issues. The SWIFT and Accenture paper provides the industry with a blueprint for reaching the next step in identifying how to apply DLTs.”
The report points to performed trials, conducted in SWIFT’s labs, which were focused also on applications focus identity and settlement. The “Identity and Access Management” concept, for example, uses a distributed ledger.
The report states:
“This PoC integrates a DLT solution with a SWIFTNet PKI solution and access control mechanism (such as a closed user group and RMA) to demonstrate how SWIFT can leverage its existing platform and assets to solve the identity and access management issues highlighted as part of our technology assessment.”
Throughout the report, SWIFT and Accenture ask for cooperation in the industry to increase the degree of interoperability between networks and institutions running their own ledgers.
“It is clear that industry-standard DLTs should be developed collaboratively with the industry in order to ensure the technology can be universally adopted,” report mentions.
You can find the full report here.
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