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Global payment giant SWIFT decides 2022 Hackathon The theme, “Digital Assets: The Search for Interoperability and Ownership,” aims to bring together the best companies in the industry to enable collaboration and innovation in digital assets.
The company acknowledged the importance of digital assets to the future of finance, stating:
Digital assets are an important topic on the innovation agenda, as many major companies in the industry know.
SWIFT also said it is experimenting with digital assets independently and with major industry players. The company hopes to make further efforts at the 2022 hackathon.
The hackathon will be held from September 6th to 23rd, and registration will be accepted until July 29th.
SWIFT has determined interoperability and ownership as two key issues to be addressed during the hackathon.
Under interoperability, participants are encouraged to look for scalable solutions for companies that want faster and cheaper transactions with the final and irrevocable aspects of complying with their legal obligations. increase. To guide participants, SWIFT proposes to consider purchasing coin-to-coin transactions, tokenized assets into a single currency, and tokenized assets using multilink. ..
Under ownership, the focus is on ownership traceability across multiple chains. The hackathon announcement specifically states that the main focus is on transferring and tracking ownership between different ledgers that use other technologies.
The topic of cryptocurrency payments has been a trend since the beginning of 2022. Both crypto and non-cryptocurrency companies have launched crypto payment solutions.
In May, Mark Zuckerberg’s Meta unveiled its payment initiative when it applied for the “MetaPay” trademark. Zuckerberg gave little detail on what MetaPay includes, but said it would be implemented in the company’s Metaverse.
In the same month, payment company Stripe added Bitcoin as a payment option. Another payment giant, Paypal, released a test version of its crypto payment solution in June.
At the same time, industry prominent companies are shaking hands to jointly create crypto payment solutions. For example, Binance and Triple A agreed to work at the Global Cryptographic Payment Gateway in June. In the same month, Mastercard shook hands with Brazilian e-commerce Mercado Libre to enhance its crypto payment solution on the country’s e-commerce website.
While enterprise-based innovation has already begun to meet cryptocurrency payment demands, central banks and government officials around the world are advising to incorporate this technology into traditional financial systems.
Eddie Yue, CEO of the Hong Kong Monetary Authority, was one of the most recently spoken officials. He said the traditional financial industry can greatly benefit from the technology behind successful cryptographic protocols. While encouraging incorporation, Yue also called for comprehensive regulations to monitor new markets.
Similarly, John Cunliff, Deputy Governor of Financial Stability at the Bank of England, said cryptocurrencies could continue to exist and bring significant benefits to the current financial system after introducing a comprehensive regulatory framework. Said.
Senators Cynthia Lummis and Kirsten Gillibrand are other prominent government officials who agree with Yue and Kunriff. They proposed a bill proposing the full incorporation of cryptography into the US financial system. The bill has not yet been voted.
