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The future of blockchain in the European banking system

The future of blockchain in the European banking system

​​​​​​​B​RUSSELS, 17 May​ 2019 ​ WSBI Member ​​CECA's ​think tank Funcas discusses the implications of blockchain technology for markets and banks in Europe in its bimonthly publication. 

T​he following is an excerpt from SEFO, Spanish and International Economic & Financial Outlook​.​​

​​​​​For European banks, the potential benefits of using blockchain technology do not diminish the controversy surrounding it. From scalability challenges to the “blockchain trilemma” of recording information correctly, cost efficiently and in a decentralised way, the European banking industry is navigating the risks and regulatory​ issues of blockchain as it takes a global lead in the adoption of this new technology.  

Blockchain technology has sparked intense debate in recent years. In the financial industry, this debate has centred almost exclusively on the rise, and more recently on the relative decline,​​​ of cryptocurrencies and the risks of these instruments. However, blockchain technology has far wider implications for markets and banks. To get in front of e​merging challenges, the European banking industry has spearheaded some key blockchain-based platforms, including for trade finance. These initiatives have recently been backed by t​he European Commission, which made the financial applications of blockchain technology a central part of its 2018 FinTech Action Plan.​

>> Read the full article here​​

About CECA

CECA is a banking association committed to promoting, defending, and representing its associated companies' interests, giving them advice, and cementing their social mission. CECA's membership is made up of credit institutions, banking foundations and other associations linked to the banking sector. Ceca focuses on disseminating and promoting a new banking model, based on a commitment to Corporate Social Responsibility and Obra Social​.

About Funcas

The Fundación de las Cajas de Ahorros (Funcas) is a private, non-profit institution, created and financed by CECA within its Obra Social, for the carrying out of activities for the benefit of Spanish society. The Fundación is particularly active in the promotion and sharing of economic and social studies and research.​

Innovation; Digitalisation; Regulation