European Central Bank exploring the potential of blockchain tech

Blockchain | February 19, 2016 By:

The European Central Bank (ECB) has said that it is exploring the potential of blockchain technology for its own purposes.

The European Union’s central bank has, in a report, revealed that it is looking toward new innovations such as blockchain or distributed ledger technology to help run payment and settlement systems.

“As part of its vision, the Eurosystem intends to assess their relevance for the different services it provides to the banking communities (payments, securities settlement as well as collateral). This investigation will identify opportunities that these new technologies may provide, as well as the challenges that they create,” said ECB.

The European Central Bank is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world.