Integrating blockchain into global finance: a case study of SWIFT's strategic collaboration with Chainlink

Abstract

This study scrutinizes the strategic blueprint implemented by SWIFT in 2023, focusing on the integration of blockchain technology into the financial communication infrastructure. By conducting a systematic analysis, juxtaposed with current academic dialogues, the research reveals SWIFT's response to the emerging demands for secure, efficient, and collaborative financial transactions. The collaboration with Chainlink is highlighted as a practical move towards addressing the exigencies of enhanced cyber resilience and governance in the face of evolving technological landscapes. The study's findings illuminate the potential of SWIFT's approach to streamline the transition towards blockchain technology, minimizing the adaptation requirements for financial institutions, and suggesting a replicable model for widespread adoption. The relevance of this research extends beyond academic circles, offering insights into the adoption of blockchain technology at a critical juncture in financial history, with implications for improved transactional security and efficiency that benefit a broad spectrum of stakeholders. Regulatory bodies, financial entities, and consumers stand to gain from the advancements detailed in this study, which outlines a path for the integration of technology that promises a more cohesive, secure, and efficient global financial system. This research contributes to the literature by providing a nuanced understanding of blockchain's practical applications and sets the stage for future innovations in financial operations.