At its 2022 hackathon, payment giant SWIFT hopes to attract the industry’s top minds to collaborate and develop.
SWIFT, the world’s largest payment company, chose “Digital assets: exploring interoperability and ownership” as the theme for its 2022 hackathon to unite the best minds in the sector and foster innovation in the field.
The company acknowledged the significance of digital assets for the future of finance by stating:
“Digital assets are a key topic on the innovation agenda, as many leading forces in the industry know.”
SWIFT also disclosed that it has been conducting independent and collaborative research on digital assets. The company anticipates that the hackathon in 2022 will advance its efforts.
The hackathon will take place from September 6 to September 23. Registration is open until July 29.
Topics of interest
According to SWIFT, the two key issues to be solved during the hackathon are ownership and interoperability.
Participants are urged to identify scalable solutions under interoperability for businesses that want quicker and less expensive transactions with elements of finality and irrevocability that will adhere to legal requirements. SWIFT advises looking at coin-to-coin transactions, tokenized asset purchases with multi-linking, and tokenized asset purchases to a single currency to help the participants.
Under ownership, the traceability of ownership throughout various chains will be the main focus. The hackathon announcement clarifies that the key goal should be to transfer and trace ownership between other ledgers that use other technologies. Read; Advantages and Disadvantages of Investing in Crypto
Payments in Crypto
Since the beginning of 2022, the subject of crypto payments has become popular. Crypto payment options have been introduced by both cryptocurrency and non-crypto companies.
When Mark Zuckerberg’s Meta filed for the “MetaPay” trademark in May, it made its payment scheme public. Although Zuckerberg provided few specifics regarding the MetaPay, he did mention that it would be used in the company’s metaverse.
Payment processor Stripe launched Bitcoin as a payment option in the same month. Paypal, a different payment behemoth, unveiled the beta version of its cryptocurrency payment option in June.
At the same time, leading businesses in the sector have shaken hands to collaborate on developing crypto payment solutions. For instance, in June, Binance and TripleA decided to collaborate on a global cryptocurrency payment gateway. Mastercard and Brazilian e-commerce Mercado Libre shook hands in the same month to improve crypto payment options on the nation’s e-commerce websites.
Central banks and government representatives worldwide have recommended integrating the technology into conventional financial systems, even though business-based developments have already begun to address crypto-payment demands.
Eddie Yue, the CEO of the Hong Kong Monetary Authority, was one of the recent speakers. He asserted that the technology underlying successful crypto protocols might be advantageous to the conventional finance sector. Yue advocated for incorporation while calling for a thorough regulatory framework to oversee the emerging markets.
The Deputy Governor for Financial Stability at the Bank of England, Jon Cunliffe, concurred, stating that if a comprehensive regulatory framework is in place, cryptocurrencies will be here to stay and have a big positive impact on the present financial system.
Like Yue and Cunliffe, famous politicians Cynthia Lummis and Kirsten Gillibrand share their viewpoints. They put forth a draft bill calling for cryptocurrency’s complete integration into the American financial system. The bill has not yet been put to a vote.