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 <p class="is-style-lead">Swift, the global messaging network for international payments, has shared key findings from its recent experiments on blockchain compatibility.</p> 
 <p>Working alongside major financial institutions and Chainlink, Swift set out to showcase its potential as a central hub for facilitating the <a rel="noopener noreferrer nofollow" title="transfer" href="https://thebittimes.com/tag/transfer.html">transfer</a> of tokenized <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s across different <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a>s.</p> 
 <p>The trial also roped in leading financial entities, including ANZ, BNP Paribas, and Citi, among others.</p> 
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 <p>Chainlink securely connected the Swift network and Ethereum’s Sepolia testnet via the oracle’s Cross-Chain Interoperability Protocol (CCIP).</p> 
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    <p lang="en" dir="ltr">Exciting news! Together with more than a dozen major financial institutions, we’ve successfully shown how the #Swift network can facilitate the transfer of tokenised assets across multiple public &amp; private #blockchains. <br> : https://t.co/L0o6meHXfd pic.twitter.com/VVtt1VnJZc</p>— Swift (@swiftcommunity) August 31, 2023 
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 <p>The study reveals that 97% of institutional investors foresee asset management being revolutionized by tokenization. </p> 
 <p>Tokenization can boost efficiency, cut costs, and expand investor involvement via fractional ownership. </p> 
 <p>Yet, the growing array of blockchains housing these tokenized assets poses a substantial obstacle. Financial institutions are compelled to connect with each distinct blockchain, leading to mounting operational challenges and expenses.</p> 
 <p>Swift’s experiments sought to remove this bottleneck. By offering a single, secure point of access to multiple blockchain networks, they can significantly mitigate the operational challenges facing institutions. Its infrastructure could serve as the backbone for the global scaling of tokenized asset markets.</p> 
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 <p>Swift’s work also aimed at comprehending the intricate aspects of data privacy, governance, operational risks, and legal responsibilities. </p> 
 <p>The trials encompassed the movement of simulated tokenized assets within a single public distributed ledger technology (DLT) network, between distinct public blockchains, and from public to private networks.</p> 
 <p>Tom Zschach, Swift’s chief innovation officer (CIO), stressed the importance of interoperability in their approach. He explained that their infrastructure could eliminate major obstacles, thereby unlocking the complete potential of tokenization.</p> 
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  <p>“It’s now clear that both top global banks and leading market infrastructures believe there will be greater adoption of digital <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s across the entire banking industry, and that this adoption will happen using multiple different <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> technologies at the same time.”</p> <cite><strong>Sergey Nazarov, co-founder at Chainlink</strong></cite> 
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 <p>Swift intends to continue its collaborative approach to identify compelling use cases for tokenized assets, particularly focusing on secondary trading of non-listed assets and private markets.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SWIFT and Chainlink collaborate for banking blockchain integration 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/swift-concludes-trial-on-blockchain-interoperability-and-asset-transfer-tbt61150.html">https://thebittimes.com/swift-concludes-trial-on-blockchain-interoperability-and-asset-transfer-tbt61150.html</a></p>

Swift concludes trial on blockchain interoperability and asset transfer

TheBitTimes

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