Blockchain and Payment Systems: What Does the Future Hold?

today's payments platforms are pre-k the

next generation who use digital

currencies and distributed ledger

technology to make them faster cheaper

and more convenient but first central

bank's must ensure they comply with anti

money laundering and criminal financing

regulations Bitcoin could enable money

laundering because it is quasi anonymous

but the underlying distributed ledger is

efficient national payment systems have

evolved separately they talk different

languages the distributed ledger would

provide a common global language in a

closed centralized Network central banks

could issue digital currencies orally to

institutions that are fully regulatory

compliant cheques would only need to be

made at the point of entry or exit from

the network leaving money to move freely

within it such a system could deliver

the best bits of Bitcoin cost and speed

and incorporate robust money laundering

checks central banks have started

experimenting to assess whether a

revamped payment platform could

incorporate a distributed ledger there

aren't hurdles the Bank of Canada

project jaspe identified persistent

challenges around settlement finality

operational rent and accent

project Reuben the Monetary Authority of

Singapore's experiment also identified

obstacles but hopes to resolve them in

the projects ongoing second thing of

course the industry could agree to use a

completely different common language and

it's already modernized albeit gradually

as providers consolidated but if the

outstanding challenges can be overcome

the distributed ledger could be the best

way to amount faster and cheaper