The World Economic Forum (WEF) and Deloitte have concluded that the blockchain is “the future of financial infrastructure” in a new report published today.
Also read: Central Banks’ Fedspeak ‘Reflects’ Bitcoin Disruption Fears
World Economic Forum Praises So-Called ‘DLT’
Both parties announced the results of a year-long study based on the findings of their 2015 report, “Disruptive Innovation in Financial Services.”
The report spoke consistently of the virtues of so-called “distributed ledger technology” (DLT), and how it could transform the financial sector.
“DLT has great potential to drive simplicity and efficiency through the establishment of new financial services infrastructure and processes,” the first of its “key findings” stated.
“DLT is not a panacea,” the report continued, “instead it should be viewed as one of many technologies that will form the foundation of next-generation financial services infrastructure.”
Traditional finance has frequently turned out research lauding the possibilities of blockchain technology in particular, but when confined to aiding organizations like banks, such technology can lose the disruptive characteristics for which it is known.
Specifically, references to DLT have often been accompanied by warnings of the need for further research, or the possibility of damage to fiat-based finance sectors.
In the latest WEF report, a further issue was identified, describing private blockchains as
Read more ... source: TheBitcoinNews
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