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Russian Blockchain-Based Analog of SWIFT Ready for Testing

© Sputnik / Alexey Filippov / Go to the mediabankFirst cards of Mir national payment system
First cards of Mir national payment system - Sputnik International, 1920, 11.07.2022
MOSCOW (Sputnik) - A pilot version of Russia's blockchain-based SWIFT analog is ready for testing and can be used in Russian banks, the National Technology Initiative Platform (NTI), told Sputnik on Monday.

"A pilot version of a decentralized system for exchanging interbank financial messages is ready for testing and can be used in banks. The project was developed by the NTI Center of Competences ‘Distributed Registry Technologies of St. Petersburg State University,'" the operator said.

According to the center's technical director, Alexander Kireyev, the load testing shows good performance, with the product's design speed reaching over 25,000 messages per second on one node, and there is a possibility of further growth.
The technology does not use classic blockchain but rather a three-tiered architecture in which a distributed register is signed and distributed in a certain way. For this reason, the system is able to scale up, connecting a large number of new users, the NTI said.
CC0 / / Blockchain
Blockchain - Sputnik International, 1920, 11.07.2022
The NTI also said that it is impossible to create restrictions or disconnect any country or bank from the new system as every user has the same rights and possibilities. The exchange of interbank financial messages using blockchain allows for creating a safe and secure environment for all participants, the NTI added.
The European Union, the United States and their allies have rolled out a comprehensive sanctions campaign against Russia since the country started a military operation in Ukraine in late February, including cutting off Russian banks from SWIFT and imposing strict trade and logistics controls.
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