It is too early for the widespread adoption of digital ledger technology ( DLT ) and smart contracts , according to a paper published by the international bank messaging co - operative SWIFT . The report highlights the need for consensus before DLT can be adopted on an industrial scale . SWIFT says that a consensus must be reached on the meaning and format of the data launched through DLT platforms , the formal legal processes surrounding it and the legal implications of the technology ’s use before adoption .
It is too early for the widespread adoption of distributed ledger technology (DLT) and smart contracts, according to a paper released by the international bank messaging co-operative SWIFT. The report highlights the need for standardisation before DLT can be adopted on an industrial scale. SWIFT says that a consensus must be reached on the meaning and format of the data launched through DLT platforms, the formal business processes surrounding it and the legal implications of the technology’s use before implementation.