Hi, hiver, if you are looking for the information regarding "Speed Comparison: Blockchain vs SWIFT", then you have landed on the right place. Swift has been important for international banking for a long time, and it's for decades. Swift is spread in 200 countries, and it connects 11k financial institutions and banks, which is why it is huge. This network of Swift makes international transactions possible. But when it comes to speed, it is nowhere near cryptocurrencies. Crypto & blockchain are gonna eat the whole SWIFT network soon.
In the swift, government and financial institutions have personal benefits, but that is impossible in crypto. Even though they apply tax on crypto but it is up to the crypto users whether they want to pay taxes happily or not, and the government can't even track it because there is decentralization. You just need to follow one golden rule, and that is to avoid using a centralized exchange and a centralized wallet. I guarantee you that no one can track you.
There are many differences between blockchain and Swift, but I am not gonna write a novel here. First of all big difference is the structure. Swift instructs banks to move funds, so we can call it a messaging network instead of a payment system. Multiple intermediaries are involved when is single transaction occurs, it takes lots of time to verify and approve. Also, there are processing and converting. Which means it can take 3 to 4 days to process payment. So this is the system of Swift.
On the other side, blockchain is almost instant, and there is not even a single intermediary between the sender and receiver. This technology shocked Swift and financial institutions. It is a boon for international payment receivers and senders, especially for the workers who are working outside form their native country. So there is no comparison between Swift and blockchain because Swift is not even close to the blockchain. I don't want to make fun of Swift by comparing it to Blockchain lol xD. Blockchain and crypto are the future. Thanks for stopping by, and I am signing off.
