A report issued by the World Economic Forum indicates that more than 40 central banks in the world are investigating blockchain technology, as reported by IproUp on October 9.
According to the publication, banks must ensure that systems based on blockchain technology work “as intended” and comply with the corresponding internal regulations.
Central banks in more than 40 countries are “exploring, researching or experimenting with blockchain technology with the aim of potentially issuing a digital currency in the future,” they point out in the press release.
Ashley Lannquist, project leader in blockchain and accounting technology distributed at the World Economic Forum and the lead author of the report said:
“Pilot work on this topic so far has yielded some mixed and other optimistic results. In summary, currently central banks are moving forward with caution, but very involved in the investigation. ”
They are studying technical and political issues, such as ensuring that the systems work as planned and adapting them to the internal monetary policies of each central bank.
Lannquist also declared:
“Speculating towards the future and being a bit conservative, I would expect that in the next two years a couple of central banks would issue a digital currency from the central bank.”
However, the executive does not expect the implementation of a digital currency to be generalized “since most central banks do not have a great need because they already have a monetary system.”
In addition, he points out that they will benefit from the implementation of platforms developed with blockchain technology, “by central banks, emerging markets and developing economies.”
In another study carried out in August by the University College of London (known as UCL), it turned out that the food sector is the one that has developed most of the projects with blockchain technology to improve the traceability of food products, however, also Other sectors stand out, including banking.
The report was developed by the UCL Blockchain Technology Center, in conjunction with the Blockchain Retail Consortium, studying about 105 different projects that applied DLT technology in areas such as food tracking, logistics, financial transactions, retail operations and circular economy.
Through blockchain action in the financial sector, institutions can benefit from cost and time savings for the execution of transactions, improve internal processes and offer better services to their customers.