Russian developers create a SWIFT analogue using distributed ledger technology.
for major Russian banks as a result of financial restrictions imposed over Moscow’s decision to invade Ukraine.
The center’s technical director Alexander Kireev said that preliminary testing showed good results. The transfer speeds currently exceed 25,000 messages per second at one node and the network’s capacity can be increased in the future. Using a distributed ledger to exchange cross-border financial messages allows for secure and reliable transactions, the developers team pointed out. Theirs is the second blockchain-based project to replace SWIFT in Russia after the state-owned tech giant Rostec
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