Blockchain marches steadily into global financial transaction networks

The organization behind most of the world’s cross-border money and security transfers is deploying a blockchain proof-of-concept (PoC) for clients’ shareholders to use in electronic voting.

SWIFT said this week it will jointly conduct the PoC in the Asia Pacific region with securities software provider SLIB and the Singapore Exchange (SGX), along with Deutsche Bank, DBS Bank, HSBC Holdings and Standard Chartered Bank.

“Shareholder voice in corporate decision-making is stifled by the existing paper-based voting process. Technology is the solution to enhancing shareholder say,” Tony Lewis, head of Securities Services at HSBC, said in a statement. “E-Voting using [distributed ledger technology (DLT)] has the potential to create greater efficiencies, transparency and participation.”

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