SWIFT’s assessment of Distributed Ledger Technologies
By Cameron Abbott and Giles Whittaker
SWIFT and Accenture released their new paper into how Distributed Ledger Technologies (DLTs) could be used in financial services. The outcome of their assessment highlighted 8 key gaps between industry requirements and the current DLT solutions. The 8 critical factors to be addressed before widespread adoption of DLT’s include:
- strong governance;
- data controls;
- compliance with regulatory requirements;
- standardisation;
- identity framework;
- security and cyber defence;
- reliability; and
- scalability.
The potential use of these technologies is still unclear according to Fabian Vandenreydt the Head of Securities, Innotribe and the SWIFT Institute. However SWIFT has committed to working with the industry to identify areas in which the technology can provide the greatest benefit.
For more information about SWIFT’s position on DLTs or to download a copy of the paper visit here.