European Central Bank seems to be leaning towards the possibility of using the blockchain technology in its operations. Some testing procedures are already underway.
ECB member of the board Yves Mersch has told in the interview to Irish radio, that blockchain technology can be applied in financial operations of euro region national banks. Practical study of the innovative medium is already taking place as part of the strategic planning of European zone infrastructure.
He also added though, that authorities still need to clear out the regulation methods of distributed ledger technology.
It’s not a secret that ECB made a report on blockchain this winter, stating that it could be used in payments, securities settlements and credit arrangements.
Indeed, blockchain can drastically increase the speed of financial operations, and in the same time allows to reduce costs.
