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Election 2024

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.

By Michael del Castillo
AccessTimeIconJun 30, 2017 at 1:00 p.m. UTC
Updated Aug 18, 2021 at 6:25 p.m. UTC
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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.

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    • 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

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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