SWIFT Denies Blockchain Potential in Cross-Border Payments

A leading global system for cross border payments, SWIFT have denied the potential that Blockchain has in fixing the delays in payments made between international banks. SWIFT then expressed their confidence that its new global payments innovation (GPI) system could increase the speed of transaction between international banks even though the development of GPI wasn’t intended to be speedy.

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SWIFT Denies Blockchain Potential in Cross-Border Payments

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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