Russian SWIFT blockchain alternative is ready for testing
St. Petersburg State University developed a payment system from which it will be impossible to disconnect any country or create restrictions on its use.
According to RBC, the pilot version of the Russian blockchain-based SWIFT analog is ready for testing and can be used in Russian banks. The STI Competence Center, "Distributed Registry Technologies of St. Petersburg State University," developed the payment system project and showed high results following the tests.
The developers say that it is impossible to create restrictions or disconnect any country or bank from the system since each user will have the same rights and opportunities.
The speed reaches more than 25 thousand messages per second on one node. At the same time, there is an opportunity to further scale the network due to the use of a three-layer registry architecture. According to the article, the system can expand and connect many new users.
In early June, Rostec Corporation also unveiled a new development constituting a full-fledged replacement for SWIFT. Based on distributed ledger technology, the CELLS system enables payments in international settlements and digital currency storage.
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