“Rostec” developed a replacement for the SWIFT transfer system

Rostec State Corporation announced the presentation of the industrial blockchain platform CELLS and application solutions,

which are being developed on its basis, among them there is a system for making payments in international payments, which should replace SWIFT. Discuss

CELLS was developed by the Novosibirsk Institutesoftware systems (NIPS), it is designed to “create an ecosystem of software products and services based on distributed ledger technology”. It is noted that one of the most important elements of the platform has become a digital system for making payments, which can replace SWIFT in international payments.

Digital payment system on the blockchain platformcan be used as a complete replacement for SWIFT, providing high speed, security and irrevocable transactions. The system will make it possible to switch to settlements in national currencies, eliminate the risk of sanctions and ensure the independence of the national financial policy for clearing participants

Oleg EvtushenkoExecutive Director of Rostec

It is noted that the platform provides “up to 100thousands of transactions per second with the possibility of multiplying performance, as well as storing and transmitting large multimedia files in a secure format.”