What is blockchain in payments
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
payments
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