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Swift Tests Blockchain Ledger With 17 Major Banks

Swift Tests Blockchain Ledger With 17 Major Banks

Swift is testing a blockchain ledger with 17 banks for tokenized deposits and cross-border payments outside banking hours. Final settlement will still run through existing payment systems.

Blockchain is a decentralized digital ledger in which transactions are recorded.

Blockchains make it possible to store data and transactions transparently and securely without a central administrator. They form the foundation for cryptocurrencies, smart contracts, and decentralized apps.