The Blockchain technology system has received mixed views over the last 12 months since it came to the forefront of initial major media attention during 2018. Many organisations still prefer to stay well clear of the technology with apprehension that blockchain is still in its infancy and therefore could raise a wealth of unknown vulnerabilities.
To-date, the benefits of cryptocurrency which is mined on the blockchain technology system network has attracted much debate – depending of course on which side of the fence you sit. Whilst some see it as a possible investment platform, others see it as a threat or an easy way to launder and even steal money. The general conclusion is that to-date, the sector has not been regulated enough in contrast to our familiar bank systems that have to comply with tight Government-backed regulations.
Whilst we may have been led to believe that banks have been rather cautious in accepting the blockchain technology system and in particular crypto-currency, it seems that there is evidence that many household named banking organisations have indeed been quietly researching blockchain’s uses since 2014 as well as how it could benefit the way we administer currency in the future.
According to a recent article by www.openaccessgovernment.org – the World Economic forum discusses how central banks are among the most cautious institutions in the world, yet they have been the first to implement blockchain experimentation
“Anti-money laundering efforts in Hong Kong, using Ethereum that enables automatic transactions in France and sharing interdepartmental information in Brazil” are just some of the areas that central banks have been researching.
“Dozens of central banks around the world are actively investigating whether blockchain can help solve long-standing challenges such as banking and payments system efficiency, payments security and resilience, as well as financial inclusion”.
Negative perceptions around the Blockchain technology system are changing
Under highly sensitive and secretive testing units, the depth of the research in to how the blockchain technology system could be applied to our banking of the future is unknown. What is evident is that negative perceptions towards blockchain look like they are beginning to change.
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