Swift Completes Blockchain Smart Contracts Trial

Interbank messaging platform Swift has completed a blockchain proof-of-concept built using a data oracle from startup SmartContract.

Jun 30, 2017 at 1:00 p.m. UTC
Updated Sep 11, 2021 at 1:30 p.m. UTC
Layer 2

Interbank messaging platform Swift has completed a blockchain proof-of-concept in partnership with startup SmartContract.

The proof-of-concept, revealed today, is the first project to use SmartContract’s ChainLink v1.0, which lets users connect smart contracts to data feeds, web APIs and a number of payment methods.

While few details about the project have been released, SmartContract founder Sergey Nazarov told CoinDesk:

"We have successfully completed a phase one PoC with Swift, and are in active conversations about how to move further with the work we've done."

The news coincides with the startup's rebranding of the ChainLink product, which was previously titled SmartContract Oracle.

Token sale

Founded last year, New York-based SmartContract was one of several blockchain startups to be selected by Swift to win a contract at its 2016 Sibos conference. A representative of Swift confirmed to CoinDesk that it is a SmartContract customer. Swift is currently working on multiple blockchain projects with various vendors.

Since being awarded the contract, SmartContract has also partnered with Ari Juels from blockchain think tank IC3 to provide authenticated data on the daily ether-to-US dollar conversion price for the TownCrier oracle.

Notably, the startup is currently preparing for a pre-sale of its own cryptographic token called LINK, with a public crowdsale to follow.

According to SmartContract, the token will be used to power its network. An email sent to users explains:

"The LINK token will be used to pay ChainLink node operators for participating in a ChainLink network, allowing the creation of fully decentralized oracle networks."

Company logo image via Swift

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Crypto Industry Battles to Exempt NFTs, DeFi From Tax Reporting Rules

The OECD is trying to introduce new rules to stop crypto being used to stash assets out of sight of the taxman.

The OECD is trying to introduce new rules to stop crypto being used to stash assets out of sight of the taxman.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitcoin mantiene el soporte en $27K-30K, con resistencia en $35K

Es probable que exista un breve rebote hacia una zona de alivio, similar a lo que ocurrió a finales de febrero y finales de marzo.

Es probable que exista un breve rebote hacia una zona de alivio, similar a lo que ocurrió a finales de febrero y finales de marzo.

CoinDesk - Unknown
3
CoinDesk - Unknown
How to Get Started in The Sandbox

Here's a step-by-step guide on what you need to know to explore and play in The Sandbox metaverse. This piece is part of CoinDesk's Metaverse Week.

Here's a step-by-step guide on what you need to know to explore and play in The Sandbox metaverse. This piece is part of CoinDesk's Metaverse Week.

CoinDesk - Unknown
4
CoinDesk - Unknown
Nexo

CoinDesk - Unknown