The Central Bank of the Netherlands is thinking about transferring to the blockchain the whole financial infrastructure
The Central Bank of Netherlands (DNB) announced the holding of an ambitious experiment, the end result of which would be a shift of the entire infrastructure of the financial markets on the blockchain technology.
According to the head of Department of development of market infrastructure DNB Ron Berndsen, the distributed nature of the blockchain greatly complicates the possibility of online hackers who recently delivered big trouble in large financial institutions around the world.
It came to the point that recently the Bank of international settlements has called for immediate action to prevent the attackers, and according to DNB, the answer could be just blockchain technology.
So, for the hacking of networks, which are based on the technology of distributed registry, hackers will take control of significant processing power, and to do it with multiple of the gcd will be much more difficult.
"If the hackers succeed to hack two-three data center, they can bring down the infrastructure of the financial markets. Using blockchain technology, you can distribute the nodes in such a way that even it will be impossible to know where they are," said Berntsen in an interview with CoinDesk.
For the experiment will involve the same team that Berndsen gathered earlier this year to find out exactly how the bitcoin blockchain can be used by state banking institutions.
In the course of the previous studies, attempts were made to simulate the life of bitcoins in the beginning of its existence, and in the year 2140, when he should be produced last coin. For these purposes digital currency DNBcoin.
"I would expect that it [such experiments – approx. ed.] have to do every Central Bank. But so far this is not happening," says Ron Berndsen.
A team of researchers of the DNB is currently conducting another experiment, aimed at studying other aspects of the blockchain. Among those areas that are of keen interest, Berndsen calls digital assets, trust, network resilience and managing transactions of artificial intelligence.
Berntsen recognizes that the full potential of blockchain technology can become clear only after a few years, but hoped that the process could be accelerated, including through cooperation with other Central banks.
"We understand that the next prototype will require more coding, more mental effort, and for that we will need more people," he added.
Earlier this month it became known that in the autumn in the Netherlands with the support of the government of the country will open a blockchain-campus, in which banks and financial companies will conduct joint development of payment applications based on blockchain technology.