How are central banks exploring blockchain today?

 In Blockchain, Research

Central banks across the world are actively considering or investigating the rollout of central bank digital currencies that can be exchanged for FIAT currencies.

The World Economic Forum (WEF) prepared a March 2019 report that dives into how central banks are exploring uses for blockchain. Several nations contributed numerous white papers, reports, and investigations into how blockchain technology could improve their operations. 

The most promising pilot and ultimate implementation of this technology came in 2016 from the Bank of France’s Project MADRE. The bank used a blockchain-based solution to improve a relatively time-consuming procedure in which multiple banks needed to be in constant contact.

This article looks at other uses central banks might consider for the blockchain, ranging from KYC verification to interbank settlement.

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