Mon. Jan 18th, 2021

Planet Compliance

Innovation & Regulation in Finance

IMF reports on Blockchain and Internet of Trust

2 min read

Created to avoid banks, bitcoin’s blockchain technology may end up helping them, is the subtitle of an article of IMF employees in the latest edition of the organisation’s monthly publication Finance & Development (F&D) entitled “The Internet of Trust”.

The article discusses the role of technology in potentially making payment more simple and cheaper, explaining the concept behind Bitcoin and the blockchain technology. It answers basic questions about the cryptocurrency like how safe they are and how and where to use them. The article also discusses whether the distributed ledger technology can transform the financial sector and how, giving, for instance, the reduction of settlement times for security transactions as an example of its enormous potential and describing the long list of possible applications.

Data binary-1327490_640

The authors conclude with an outlook on the usefulness of the blockchain in central banks despite its current limitations. The full article is available here.


Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

PlanetCompliance © 2020. All rights reserved. | Newsphere by AF themes.