SWIFT Institute Student Challenge

Financial Solutions from the Next Generation

 

In 2021, the SWIFT Institute is pleased to announce the winner of the Student Challenges  India – team Phoenix from Prin. L. N. Welingkar Institute of Management Development and Research!

The challenge was how can the Indian financial community increase the adoption and use of digital trade transactions to reduce / eliminate paper-based trade?

Congratulations:

• Priyanka Wadhwa
• Mansi Sawant
• Kishor Toshniwal
• Nikhita Attavar
• Neelam Pradhan
• Rohan Bhor
• Mayur Shirke
• Shantanu Jaykar

Their winning solution:

To reduce paper based trade, we proposed to integrate the InterPlanetary File System (IPFS) with the R3 Corda blockchain. The main challenge we wanted to address was the scalability of the infrastructure. As more data is shared and stored, the cost of operating blockchain nodes rises.

The Corda blockchain would contain only the name, sender, timestamp and location of the document in IPFS through smart-contract. The document would be uploaded on IPFS – enabling users to view and verify the document in one simple click. Our solution would enable current infrastructure to be scaled, and simultaneously mitigate certain risk management issues persistent in the industry.

Please don’t miss this Sibos session, airing on Wednesday, October 13 at 11:00 am SGT/05:00 am CET, it is still available on demand until the end of December!  Register now at www.sibos.com

Watch team Phoenix, receive the win awarded to them by Kiran Shetty, CEO & Regional Head, India & South Asia, SWIFT on Sibos TV here.

 2021 Team Phoenix  – Congratulations! 

 

 

Previous winners of the Student Challenge:

2020 Veracity