PoC of SWIFT Smart Contract Trade w/5 Financial Firms
Published: October 16, 2017
To kick-off the 2017 SIBOS Conference in Toronto today, SmartContract, which enables computable smart contracts, officially unveiled a new a proof-of-concept (PoC) for making/using smart contracts with SWIFT
The PoC was built with assistance from five major financial institutions including Barclays, BNP Paribas, Fidelity, Societe Generale and Santander. If rolled out in a larger implementation, this type of implementation would allow banks to easily connect their existing systems to smart contracts on various networks with one middleware.
The PoC was designed to show how smart contracts could simplify the buying, selling and payment of dividends from bonds, the project makes notable use of interest rate data from the 5 major institutions.
The news is also a notable step forward for the smart contract concept, implementations of which have typically lacked the reliable and sophisticated data sources needed to make their innovations a reality.
SmartContract is the company behind ChainLink, a secure blockchain middleware that allows smart contracts on various networks to connect with the critical resources they need to become useful. The company was recently designated as a "Cool Vendor" in the Cool Vendors in Blockchain Applications, 2017 report by Gartner Inc., and was also honored as the winner of the 2016 SWIFT Industry Challenge.
If you would like to speak with Sergey Nazarov, CEO of SmartContract, to learn more about how this new milestone will help SWIFT and other incumbents prepare for what he believes will be a coming proliferation of smart contract-powered stocks and bonds please contact Julius Rosenthal at [email protected]