The Chainlink Oracle Blockchain is steadily progressing in its cooperative endeavor with the SWIFT system. Together, they are exploring a novel concept to enable banks to incorporate blockchain technology and facilitate cross-network transactions. This innovative approach ensures that financial entities do not have to invest heavily in the execution and growth of these new technologies.
The initiative has moved into a fresh phase of examination, where SWIFT and Chainlink have enlisted a considerable number of financial organizations to partake in the tests. The aim of these trials is to evaluate the effectiveness of the banks' integration with several blockchain networks.
Prominent names like BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Australia and New Zealand Banking Group Limited (ANZ), and Depository Trust and Clearing Corporation (DTCC) are among the participants in these latest trials. It's interesting to note the wide-ranging geographical distribution of these entities, spanning from New Zealand to Africa and Europe. The test pool also includes depository firms and trusts, extending beyond just banking institutions.
At present, the total capitalization of the cryptocurrency market stands at a substantial $1.08 trillion. It's challenging to speculate the potential growth of this figure with the banking sector's entry into this domain. Regardless, the move is undoubtedly a positive sign for the overall industry."