A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks.
“The pilot version of the decentralized interbank financial messaging system is ready for testing and can be used in banks,” the university said in a statement. The people behind the project, specializing in the field of distributed ledgers, have employed blockchain technologies to create the platform.
The center’s technical director Alexander Kireev said that preliminary testing showed good results. The transfer speeds currently exceed 25,000 messages per second at one node and the network’s capacity can be increased in the future.
Quoted by the Russian crypto news outlet Bits.media, the university elaborated that the platform can scale up and integrate new financial organizations. Its representatives also emphasized that it would be impossible to disconnect any participating state or banking institution as each client would have the same rights and access as any other.
Do you expect Russia to implement a blockchain-based alternative to SWIFT? Tell us in the comments section below.
