Chainlink Partner with SWIFT for CrossChain ProofofConcept

Smartcon 2022: Decentralized oracle provider Chainlink announces partnership with international payment messaging network, the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The trial will see SWIFT make cross-blockchain token transfers using the Cross-Chain Interoperability Protocol (CCIP). Chainlink’s relationship with SWIFT began after it won a startup challenge hosted by SWIFT and developed a proof-of-concept system for successful bond issuance and redemption. While cross-chain bridges already allow token transfers between blockchains, they can pose significant security and user experience challenges. According to Chainalysis, compromised bridges accounted for more than $2 billion in lost funds in the first three quarters of 2022.