Recently, the Central Bank of Finland, just like many other central banks across the world, started exploring the use of blockchain technology in its
Recently, the Central Bank of Finland, just like many other central banks across the world, started exploring the use of blockchain technology in its operations. It collaborated with the Finance Ministry to hold a major seminar, during which possible opportunities that can be provided by distributed ledgers were comprehensively discussed.
During the seminar that was held on 24th November, renowned researchers drawn from sectors such as think-tanks and universities met to exhaustively talk about possible merits and demerits of blockchain technology. Their main objective was to promote technological innovation in Finland’s economy.
The experts talked about 10 proof of concepts that make use of blockchain technology not only in the public sector, but also in the private sector.
Several eminent speakers made valuable contributions during the seminar. Some of them were drawn from reputable institutions such as Nets, while others were from Microsoft, Finland’s VTT Technical-Research-Center as well as Fortum.
The Bank’s governor, Erkki Liikanen, reiterated that their job is to guarantee that the payment system as well as the whole financial system remains reliable and efficient.
Advancement of Blockchain Research and Development in Finland
Are you aware that many existing and start-up businesses in the country are enhancing market efficiency by making use of blockchain technology?
For instance, in June 2016, Kouvola City obtained finances amounting to 2.4 million pounds to fund a supply-chain system based on blockchain technology. It will boost the supply chain process by maintaining transparent records and processing settlements on real-time basis as well.
Finland’s VTT Technical-Research-Center has been carrying out extensive research on blockchain solutions. The center offered to provide expertise to help the Central Bank in the understanding, development as well as implementation of the technology. The center is extremely knowledgeable about applied cryptography, embedded systems and information security.
Renowned central banks that are exploring the use of blockchain technology include Bank of England, China’s PBOC as well as Bank of Canada. Finland’s Central Bank does not want to miss out on what the technology has to offer.