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Central Banks Researching Blockchain Technology

By April 3, 2019Article, Reports

Yesterday’s white paper published by the World Economic Forum examines how central banks are researching blockchain technology.

A January 2019 report by the Bank for International Settlements (BIS) in Basel, Switzerland, stated at least 40 central banks around the world are currently, or soon will be, researching and experimenting with central bank digital currency (CBDC).

CBDC, a commonly proposed application of blockchain and distributed ledger technology (DLT), has attracted much interest within the central banking community for its potential to address long-standing challenges such as financial inclusion, payments efficiency, and payment system operational and cyber resilience. Including but not limited to CBDC, central banks are researching and experimenting with at least 10 specific use cases for blockchain and DLT, exploring where they can potentially unlock new possibilities and improve inefficient processes.

While research and innovation with blockchain technology have been underway for the past several years, few organizations have actually deployed the technology. Although central banks are among the most cautious and prudent institutions in the world, they are, perhaps surprisingly, among the first to implement blockchain technology.

To read the full report visit: Central Banks and Distributed Ledger Technology: How are Central Banks Exploring Blockchain Today?

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