In a recent report from the World Economic Forum titled “Central Banks and Distributed Ledger Technology: How are Central banks Exploring Blockchain Today?”, highlights some of the doubts many around the world are curious about in terms of the blockchain platform, decentralization and their adoption within central banks around the world.

As the reputations precede them, anyone person would be inclined to say that central banks are amongst the most cautious institutions in the world. Surprisingly enough, central banks have been on the forefront of piloting and deploying blockchain technology. Research shows that Central banks have been quietly researching the platform since 2014 and most recently have been among the first to successfully complete cross-border transactions.

Through analysis and interviews with dozens of central bank researchers, more than 60 reports on past and current research studies were compiled into their white paper.  

The research highlights that the Central bank of France has fully replaced its centralized process for the provisioning and sharing of SEPA Credit Identifiers (SCI’s) with a decentralized, blockchain-based solution. The SEPA (Single Euro Payment Area), is a payment scheme created by the European Union and managed on a country-by-country basis for facilitating efficient and secure cross-border retail debit and card payments across European countries. The solution is a private deployment of the Ethereum blockchain network and has been in use since December 2017. It has enabled greater time efficiency, process auditability and disaster recovery.

Analysis rounded up a Top 10 luse cases around the world, with emerging markets potentially benefiting the most.

 

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