Blockchain is so popular that SWIFT can’t help but develop a distributed ledger platform

A new report from SWIFT ^[1] (Society for Worldwide Interbank Financial Telecommunication) details the settlement network operator’s new plans to develop a distributed ledger application platform.

The 20-page report, a joint effort between SWIFT and professional services firm Accenture, includes details of a proof of concept SWIFT has focused on, such as how it has incorporated blockchain elements into transaction settlement and identity management concepts.

Notably, the report outlines SWIFT’s efforts to build a unique distributed ledger technology platform focused on financial applications and recommends collaboration with industry peers.

The report’s authors wrote:

“SWIFT will draw on its experience in fostering industry collaboration and leverage its unique capabilities – its unrivalled track record of standards, expertise, security, and strong governance, operational efficiency and reliability – to deliver a unique distributed ledger platform for the benefit of society.”

Proof of concept details

To date, the most visible blockchain application for SWIFT has been Hyperledger, an open-source code project led by the Linux Foundation.

However, the report does provide some of the other experiments being conducted by its Innovation Lab, including applications focused on identity and settlement.

For example, one concept application, called “identity and access management,” uses a distributed ledger.

“This proof of concept integrates a SWIFTNet PKI distributed ledger solution, as well as access control mechanisms such as closed user groups and RMA, demonstrating how SWIFT can address identity and access management issues using existing platforms and resources,” the report said.

Promoting collaboration

Throughout the report, SWIFT and Accenture attempt to push industry stakeholders to collaborate on blockchain applications, while the debate continues on how to best ensure that networks and institutions can run their own ledgers with interoperability.

“It is clear that industry standards for distributed ledger technology should be developed collaboratively by the industry to ensure widespread adoption of the technology,” the report said.

Access the full original report: http://8btc.com/doc-view-565.html

Original article: http://www.coindesk.com/swift-seeks-develop-new-distributed-ledger-platform/
By Stan Higgins
Translation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/swift-distributed-ledger-platform)