What's Hot

    The rate of the VELO token fell on the eve of the update

    05.06.2023

    Multichain developers have fixed a bug in the protocol

    05.06.2023

    Polygon Price Approaching Critical Resistance

    05.06.2023
    Facebook Twitter Instagram
    Monday, June 5
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Blockchain»St. Petersburg intends to create an alternative to SWIFT on the blockchain
    377b3daab4915b0a60bcc6c11eb39f7bfc980cb3
    Blockchain

    St. Petersburg intends to create an alternative to SWIFT on the blockchain

    AdministratorBy Administrator12.04.2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~2 m


    Saint Petersburg State University intends to develop a decentralized alternative to the international interbank system

    St. Petersburg State University (SPbGU) has begun work on the creation of a “decentralized international system” of interbank financial messages “using blockchain technologies.” This was reported on the official website of the university.

    According to Dmitry Shishmakov, director of the Center for Distributed Ledger Technologies at St Petersburg University, the system will allow exchanging financial messages with a “high degree of reliability”.

    “At the same time, banks will not be afraid of negative consequences, and states will be able to pursue a more independent policy,” says Shishmakov.

    At the same time, St Petersburg University admits that alternatives to SWIFT have already been created by the central banks of various countries, including Russia and China. However, according to the university, none of these systems “does not solve the issue of trust in it by all participants.” What kind of technology stack they intend to use in the development of a “decentralized” alternative to SWIFT, St Petersburg University did not specify.

    However, the university assured that the system would be “independent”, since it would not be able to extract “direct financial benefits and create restrictions for a particular country or organization.” Whether they plan to use existing solutions like Hyperledger, Ethereum or the Bitcoin network for these purposes remains unclear. The timing of the development of technology is also unknown.

    In September 2020, Rostelecom made publicly available the source code of the remote electronic voting system (DEG) of the Central Election Commission of the Russian Federation for public access on a large GitHub IT project hosting system. The blockchain itself, according to representatives of Rostelecom, plays the function of “immutability of information”, as well as “providing transparency”.

    However, users almost immediately found various flaws in the DEG, which raise questions about the effectiveness of the use of blockchain technology and the credibility of such a system. For example, users noted that all nodes belong to one network member, and there are no independent observing nodes at all. Some also questioned the correctness of the vote count.

    Recall that in early March, the European Union decided to disconnect seven Russian banks from SWIFT, including VTB, Bank Rossiya, Otkritie and others. Read about how the conflict between Russia and Ukraine will affect the blockchain industry in a special article by the editors of BeInCrypto.

    Disclaimer

    All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.




    #Petersburg #intends #create #alternative #SWIFT #blockchain

    alternative blockchain create intends Petersburg SWIFT
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    Multichain developers have fixed a bug in the protocol

    05.06.2023

    JPMorgan and Indian Banks Launch Blockchain Platform for 24/7 Interbank Transactions

    05.06.2023

    JPMorgan and 6 banks in India will work on the Onyx blockchain

    05.06.2023

    Sony Launches Web3 Incubator Program

    05.06.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • The rate of the VELO token fell on the eve of the update
    • Multichain developers have fixed a bug in the protocol
    • Polygon Price Approaching Critical Resistance
    • Fraudsters held a fake conference from the Uniswap crypto exchange and surprised its real creator
    • CryptoTanks, Oracle Meta Technologies, Foxify
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.