The world needs blockchain integration, says Denis Beau

The world needs blockchain integration says Denis Beau

Denis Beau, a former executive of the Central Bank of France, openly advocated the need for increased blockchain integration. He had raised quite a few eyebrows when as the ‘First Deputy Governor’ of the French Central Bank, he proposed that blockchain technology must be employed for Euro payment settlements.

In his address at the ‘Second Annual Capital Markets Technology and Innovation Conference’, he said that the local payment mechanism in the EU must integrate more blockchain-based technologies. He noted that distributed ledger technology could power the pan-EU payments. He added such innovative systems carry the potential to change the age-old financial realm. The current market demands can be met through tokenisation route and employing DLT and similar technologies.

As decentralised technologies evolve, more nations are coming forward and accepting their potential. Besides their use in the financial realm, they are also used in healthcare, insurance and public policy initiatives. Interestingly, many nations are researching on central digital currencies that will supplement their fiat currency. Japan and China are shining examples in blockchain integration field. However, developed countries like the USA are taking their time and ensuring appropriate policies are in place before such a momentous step is undertaken.

Denis supports extensive blockchain integration

In his latest address, he seemed to have become a solid proponent of the decentralised realm. He said the present predicaments of the wholesale market infrastructure could be removed by exploring new avenues through blockchain integration.

Real-time payment processes can be refined with modern technologies. The operational efficiency of cross-border and multi-currency settlements can be achieved effectively. He went on to say that even the European Central Bank should explore how the DLT can be used in euro payments settlements.

Beau didn’t just stop there! He explained how ‘Banque de France’ implemented MADRE. It is a decentralised register system derived from the blockchain. His comments come in the backdrop of European Union launching a DLT and AI fund that will research on financial artificial intelligence and blockchain technologies. With four hundred forty million dollars ($440M) in its kitty, the fund will inevitably impact the way payments are settled in the Eurozone.

Image Source: Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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