Cryptocurrency continues to gain widespread adoption among different sectors all over the world. Currently, statistics showed a significant rise in the number of banks and financial companies interested in digital assets.
SWIFT To Discuss Digital Assets Problems At Hackathon
According to reports, several financial institutions have started taking actions that would spearhead the implementation of crypto assets. SWIFT, one of the financial firms, officially showed interest in the digital assets industry at its recently concluded meeting.
The financial payment giant agreed with other firms as it described digital assets as a key component of the innovation scheme. It said this while officially introducing its 2022 SWIFT Hackathon which is a continuation of its upcoming collaboration.
The payment platform reportedly plans to join hands with other leading firms in the fintech space soon. The motive of the collaboration was to find lasting solutions to the technical problems plaguing the growth of the digital economy.
SWIFT Plans To Converge The Brightest Minds To Its Event
According to reports, SWIFT planned to request the cooperation of the most brilliant minds in the digital and financial industries.
Particularly, the topic of discussion at the event would be centered around digital assets and their use cases.
Participants would be required to make logical contributions to possible solutions for most of the problems facing the industry. The program planned to explore how digital assets ownerships can be traced and how platforms that issue digital assets can interoperate.
SWIFT aims to converge different experts in the fast emerging technology industry into one sitting where they can share their professional insights on the issues presented. SWIFT’s spokesman stated that the firm organized the event to allow professional technologists to contribute meaningfully to its ongoing research on the industry.
SWIFT Seeks Experts’ Opinions On Many Of Its Research Topics
Also, he stated that the firm hopes experts would share their knowledge openly in order to benefit everyone. In addition, the giant firm gave out a list of crypto use cases that it expects experts to elaborate on.
The financial and banking industries are diving deeper into blockchain technology for cheaper and faster transaction execution. Furthermore, the emergence of innovative technologies may help to solve prolonged issues regarding interoperability, tokenization, etc.
Additionally, SWIFT plans to check if transactions executed between ledgers will have a rise in complexity level or if it will demand a more appropriate solution from issuers and intermediaries. All these and many more pieces of research would be carried out at the event, according to reports.