More Central Banks are trialing Blockchain tech

More Central Banks are trialing Blockchain tech

According to the first Global Blockchain Benchmarking Study, led by the Cambridge Centre for Alternative Finance (CCAF) and supported by VISA and EY, many large corporations and public sector institutions are focusing on Distributed Ledger Technology (DLT).

As a matter of fact, findings indicate that 67% of Central Banks and 86% of other public sector institutions that are surveyed, are directly experimenting with DLT protocols. More specifically, 57% of the surveyed Central Banks are experimenting with the Ethereum codebase.

The study highlights the rapid growth of DLT, whereby the number of enterprise DLT start-ups increased from 37 to at least 115. The publicly reported DLT use cases are distributed between banking and finance accounting for 30%, the government for 13%, insurance for 12% and healthcare for 8%. Furthermore, 58% of the public sector institutions, and 25% of Central Banks have planned advanced DLT trials this year, while 42% of Central Banks are uncertain about the starting date of the trials.

Bryan Zhang, Co-Founder and Interim Executive Director of the CCAF  stated: “‘Blockchain’ and DLT are beginning to rewire our digital infrastructure and challenge our thinking on how data, information, assets and even governance can be organised and reimagined. We are grateful for the support offered by VISA and EY to help us research and better understand the rapidly evolving DLT landscape.”

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