st. Petersburg State University (SPbSU) have developed a decentralized interbank messaging system (DSMS) and presented its working interface.
Designed to replace the SWIFT global financial messaging system, DSMS is based on blockchain technology and has no single operator who can forcibly disconnect a participant or alter data in any way, said Dmitry Shishmakov, director of the St Center for Distributed Records Technologies. Petersburg University.
The expert explained that the system does not have a single center and a “control panel”, that all its users can access the necessary information and exchange banking messages without the restrictions that SWIFT has. According to him, the system is already ready for use.
Development of the DSMS began in April 2022 and its prototype was ready by the end of July. During the year, the project was tested by more than ten financial institutions. Currently, the components of the system are used in the Information and Analytical Interaction Platform in Cross-Border Settlements created by the Russian Union of Industrialists and Entrepreneurs.
Source: Ferra
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