Swiss Bank completes first legal payment test based on public blockchain

According to Cointelegraph, some large Swiss banks have completed the proof of concept (PoC) of blockchain technology and smart contracts, achieving the first legally binding bank payments through public blockchains. The Swiss Bankers Association (SBA) announced that UBS, PostFinance and Sygnum Bank conducted feasibility studies on deposit tokens and payment infrastructure based on blockchain. Tests include payment and similar custody processes between bank customers, using deposit tokens to exchange real-life assets. SBA said that although the results confirm the feasibility of blockchain technology in institutional payments, scalability still requires design adjustments and collaboration with other banks. UBS said the interoperability between traditional bank deposits and public blockchains is becoming a reality.