ECB: Blockchain ‘Not an Option’ for Central Bank Services

Market participants are also concerned about the industry's ability to introduce changes such as instant settlement.

Sibos 2017 Toronto
Panelists at Sibos 2017 enthused about blockchain's potential, but they also questioned whether the market was ready for a fundamental overhaul of its underlying technology.

Dirk Bullman, an advisor to the director general, payment systems and market infrastructure at the European Central Bank (ECB), said that while the institution would continue to examine the applications of blockchain, it did not meet the required standards for implementation yet and was “not ready for prime time.”

“What we offer, as a service in Europe, is the backbone of the financial sector, and the implementation of monetary policy,” Bullman said. “It has to meet high security standards,

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