Bitcoin Technology to Create Hybrid Systems /  July 17, 2015

According to a latest report from International Business Times, the Bank of England has said that central banks are looking to utilize the blockchain technology, the technology behind the cryptocurrencies such as Bitcoin to create “hybrid systems.”

The Bank of England said: “There is more than one way in which a distributed ledger system can work, and remuneration would have to be designed in such a way as to incentivise honest participation in the system without leading to socially inefficient over-investment in transaction verification.

Further research would also be required to devise a system which could utilize distributed ledger technology [blockchain] without compromising a central bank’s ability to control its currency and secure the system against systemic attack.

Where does hybrid come from?