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. This, says the proponents, give much better security and spread the trust around, as there isn’t a central clearing party that controls all the levers. The report highlights the need for standardisation before DLT can be adopted on an industrial scale. “Distributed Ledger Technology has been around since 2009, but it still needs more time to become mainstream in financial services,” said SWIFT chief executive David Chaum.
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. “Distributed Ledger Technology has been around since 2009, but it still needs more time to become mainstream in financial services,” said SWIFT chief executive David Chaum.