SPbU "National SWIFT" using blockchain technologies is ready for testing in banks

‘Load testing of the system shows very good results. The system processes more than 25 thousand messages per second by one node, and there are possibilities for further scaling. As the kernel of the system is developed, we may consider this system as a working prototype’ noted Aleksandr Kireev, Technical Director of the Distributed Ledger Technologies Centre of St Petersburg University.

An alternative to SWIFT based on using of blockchain technologies assumes no regulatory party and eliminates the risk of any bank being forcibly disconnected from the system.

The "National SWIFT" uses not a classic blockchain, but a three-tier architecture in which a distributed ledger records and shares information in a certain way. For that reason, the system can be expanded, and large number of new users can be connected. At the same time, it is private, which means it is more productive than public blockchain, in which complex computational work is needed to validate a transaction.

Public blockchain technologies are proposed to use for setting up of nodes by participants. Since the system requires material costs for its detection, it is the most secure. However, this is not a mandatory step — the choice is up to the participants deploying their nodes.

The Distributed Ledger Technologies Centre of St Petersburg University acts as a technical operator for development of this new distributed system. This system cannot create restrictions or disconnect any country or organisation from interbank communication because each participant has the same rights and opportunities. Sending of interbank financial messages using blockchain technologies allows creating safe and secure conditions for all participants. At the moment, the new system of interbank financial messages is ready for testing.