As the prevalence of cryptocurrency usage increases, a growing number of financial institutions and banks have begun to take actions that might pave the way for the deployment of digital assets.
One of these financial organisations is the global payment behemoth SWIFT, which stated at the beginning of July while announcing its SWIFT Hackathon 2022 that “digital assets are a prominent subject on the innovation agenda, as many industry leaders are aware.”
The event will be a continuation of its mission to cooperate with fintech industry experts to solve the most challenging technical issues that occur with the growth of the digital economy.
SWIFT seeks to unite the most brilliant minds
SWIFT aspires to recruit the brightest brains in the computer sector and those at the forefront of finance for the Hackathon.
Specifically, the event’s topic, “Digital assets: investigating interoperability and ownership,” indicates that attendees will analyse the traceability of ownership of digital assets and investigate the interoperability across systems that handle these assets.
Notably, SWIFT strives to bring together experts at the forefront of the most current developments in these areas and create a place for them to share their knowledge.
SWIFT, a global provider of services relating to the execution of financial transactions and payments between banks, has made the following observation:
SWIFT has previously conducted experiments on this issue with significant industry players and fintech, utilising its knowledge to assist others.
Financial institutions seeking to accelerate procedures
The banking and financial industries are seeking to accelerate operations and reduce costs. Meanwhile, developing novel technologies may help overcome long-standing interoperability issues by accelerating the production of digitally-native assets and the conversion of old assets.
SWIFT also wants to investigate if the transfer from one ledger to another, even if the ledgers utilise different technology platforms, would increase the complexity of forcing issuers and intermediaries to adopt more suitable solutions.