British bank to develop a SWIFT alternative

Barclays, the second top bank in the United Kingdom in asset size, has joined the CLS Group blockchain consortium to jointly develop the system of rapid and secure foreign currency transactions, CoinDesk reports.

The tech executive of the investment department of the bank told about how this progressive innovation will create an alternative to the SWIFT system and potentially combine with it. People will be able to choose between SWIFT and this new blockchain-based mechanism, he clarified.

The Hyperledger Fabric technology forms the CLS Net platform that will allow the participants to trade the world’s most popular currencies via six different blockchain-based instruments.

Meanwhile, blockchain continues to be actively studied by companies involved with port shipments and ports themselves – with the Rotterdam port being the latest example. The BlockLab team promises to improve the working processes of this port and its actions are openly endorsed by local authorities.