Swift, the financial messaging provider, today announced it is working with Consensys and a consortium of global banks to add a blockchain-based shared ledger to its technology stack. In a press release, Swift said that, unlike its traditional role as a communications network, this move into a shared ledger will allow it to record, sequence, and validate financial transactions directly, creating a backbone for tokenized value exchange between institutions. Global Banks Join Early Design Phase Work is ...

SWIFT's blockchain proposal might not make Ripple or Stellar redundant, but it could throw cold water on their plans for global adoption. | Credit: Pexels. Key Takeaways Payment-focused blockchains are often pitched as a better alternative to the SWIFT-based system. However, SWIFT itself is increasingly committed to blockchain solutions. SWIFT’s latest project will prototype an open ledger that supports whatever tokenized assets banks require. For years, blockchains like Stellar and Ripple’s XRP L ...