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Bank’s Swift Server Hacked Highlighting Superiority of Bitcoin’s Blockchain Approach

Bank’s Swift Server Hacked Highlighting Superiority of Bitcoin’s Blockchain Approach

Swift, the international settlement network which connects 11,000 global banks has likely been hacked according to a report by BAE Systems.

......As part of a sophisticated attack, a malware was installed on a Swift Alliance software server to cover tracks and evade detection by manipulating the security measures.

The attackers intended to transfer almost one billion dollars from Bangladesh Bank’s account at the Federal Reserve to other banks. It appears that the intrusion was detected due to a “spelling mistake in one transfer order” according to the BBC, before the full funds could be transferred. Almost $100 million are however still unaccounted.

.......Such manipulation would be relatively easy in a centralized database once access is gained, however it is virtually impossible in the decentralized ledger employed by cryptocurrencies.

......Including Swift, which late last year announced a global payment initiative focusing on developing a blockchain roadmap.

As the vulnerability of the centralized approach has now clearly been shown in contrast to Bitcoin’s database which has never been hacked by an individual, such initiatives may have added a sense of urgency so as to restore trust in the current global financial clearing system.

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1 comment:

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