Swift Partners with Consensys to Launch Global Financial Blockchain Network

Breaking News: Swift Partners with Consensys to Build Global Financial Blockchain In a groundbreaking move, traditional financial network Swift announced yesterday that it is collaborating with Consensys and over 30 global banks to develop a blockchain-based network. This new system will operate in parallel with Swift's existing infrastructure, aiming for seamless integration and interoperability. Key Facts: Date: Yesterday Partners: Swift, Consensys, and more than 30 global banks Goal: Build a blockchain-based network for financial transactions Timeline of Events: Swift has been working on this project for several years, conducting case studies with Chainlink. The partnership with Consensys marks a significant step towards creating a decentralized, regulatory-compliant financial system. Immediate Impact and Response: The announcement sent shockwaves through the financial industry, with Ripple's market value experiencing a slight dip. Market analysts are still assessing the implications of this move, but experts predict a significant shift in the way global transactions are processed. Background Context: Swift's decision to adopt blockchain technology is part of its efforts to modernize and improve the efficiency of international payments. The company has been exploring various AI-powered solutions to enhance security, transparency, and speed. What Happens Next: As development on this project continues, we can expect to see significant advancements in blockchain technology and its applications in finance. With over 30 global banks on board, this initiative has the potential to revolutionize the way money moves across borders. *This story is developing. Information compiled from News reporting.*