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BIS Reveals 2024 Vision: Quantum Security and AI in Finance Take Center Stage

In this post:

  • BIS 2024 agenda: Quantum-proofing payments, AI for emissions, and privacy in CBDCs among key projects.
  • BIS Innovation Hub tackles financial challenges head-on with six ambitious 2024 projects.
  • BIS reaffirms commitment to security, sustainability, and innovation in global finance.

The Bank for International Settlements (BIS) has unveiled its ambitious agenda for 2024, with a focus on emerging financial technologies. The BIS Innovation Hub, in collaboration with central banks and international organizations, is set to embark on six groundbreaking projects aimed at addressing critical challenges in the financial sector. These initiatives encompass quantum security, artificial intelligence, green finance, and more.

Quantum-proofing payment systems with project leap

In an era where quantum computing threatens to disrupt traditional security measures, the BIS is taking proactive steps to safeguard financial systems. Under Project Leap, the Eurosystem Centre will spearhead efforts to “quantum-proof” payment systems. This phase aims to demonstrate how payment systems can be fortified against potential threats posed by quantum computers. The project underscores the BIS’s commitment to ensuring the resilience and security of payment infrastructures in an evolving technological landscape.

AI and big data revolutionize emissions tracking with project symbiosis

Environmental sustainability is a global imperative, and Project Symbiosis, based in the Hong Kong Centre, is set to leverage artificial intelligence and big data to revolutionize emissions tracking in supply chains. With a specific focus on Scope 3 emissions, this initiative aims to enhance transparency and accountability in environmental reporting. By harnessing the power of AI, Project Symbiosis intends to make significant strides in mitigating climate change and promoting responsible business practices.

Privacy and central bank digital currencies explored in project Aurum

Central bank digital currencies (CBDCs) have gained prominence in the financial landscape, and the BIS is taking a closer look at privacy concerns associated with these digital assets. Project Aurum, hosted by the Hong Kong Centre, is entering a new phase to study the privacy implications of payments in retail CBDCs. This initiative brings together expertise from academia and privacy regulators, highlighting the BIS’s commitment to ensuring the responsible development of CBDCs while protecting individuals’ financial privacy.

Enhancing climate-related financial data with project NGFS data directory 2.0

Climate change poses a significant risk to the global economy, and financial institutions are increasingly recognizing the need for accurate climate-related data. Project NGFS Data Directory 2.0, situated in the Singapore Centre, seeks to overhaul the data platform of the Network for Greening the Financial System (NGFS). The goal is to make climate-related financial data more accessible and user-friendly, empowering stakeholders to make informed decisions in the fight against climate change.

Tokenization of promissory notes explored in project promissa

Distributed ledger technology (DLT) continues to shape the financial industry, and the BIS is exploring its application in the tokenization of promissory notes. Project Promissa aims to test the feasibility of digitizing paper-based promissory notes, which are instrumental in funding international financial institutions. By leveraging DLT, this project seeks to enhance efficiency and security in international financial transactions.

Identifying financial crime patterns in real-time with project Hertha

Financial crime remains a pressing concern for the global financial sector, and Project Hertha, based in the London Centre, is poised to tackle this challenge head-on. This initiative will employ network analytics to identify and combat financial crime patterns in real-time payment systems. The BIS’s commitment to enhancing security and integrity within the financial ecosystem is evident in its proactive approach to detecting and preventing illicit activities.

The Bank for International Settlements continues to be at the forefront of shaping policies and infrastructure in the global financial system. As cryptocurrencies face scrutiny and transparency reforms are introduced, the BIS remains committed to promoting stability and soundness in the financial sector. With its 2024 projects encompassing quantum security, AI-driven emissions tracking, privacy in CBDCs, climate-related financial data accessibility, tokenization of promissory notes, and real-time financial crime detection, the BIS Innovation Hub reaffirms its dedication to addressing critical challenges and driving innovation in finance.

As these projects unfold throughout the year, the global financial community will closely watch the BIS’s efforts to ensure the resilience, security, and sustainability of the financial systems that underpin our interconnected world. In an ever-evolving landscape, the BIS remains a steadfast advocate for responsible and forward-thinking financial practices.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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