Swift claims to have proven that its infrastructure is capable of providing secure and scalable interoperability across multiple public and private blockchains. Making the statement in a press release, the financial messaging service provider shares the results of an experiment, which it says has demonstrated that its system “can provide a single point of entry for financial institutions moving tokenised assets while leveraging existing secure infrastructure”.
According to Swift, 97 percent of institutional investors believe that tokenisation “will revolutionise asset management and be a positive force in the industry”. This is despite the fact that the sector is still in its infancy, its development arrested by the challenges in achieving interoperability between different blockchains.
Collaborative effort
During the experiment, Swift used Chainlink as an enterprise abstraction layer to connect the Swift network to the Ethereum Sepolia network. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) allowed for complete interoperatbility between the source and destination blockchains.
The project included collaboration with several major financial institutions, such as BNP Paribas, BNY Mellon, and Euroclear. Besides proving that the existing Swift infrastructure can provide a secure, scalable way to connect multiple blockchains, the experiment also “advanced understanding around the technical and business requirements for interacting with business and public blockchains”.