Blockchain technology is a kind of global online database that is gaining uncommon favor amongst central banks all over the world as the Cambridge Centre for Alternative Finance (CCAF) found out in a recent study. The study anticipates that by the year 2019, nearly 20% of all central banks will have implemented blockchain technology and in the coming decade, blockchain applications will be in active use in 40% of the institutions.
Blockchain technology power is still sprouting in the banking arena. Although many failed to disclose when they intended implementation, respondents admitted that blockchain remains a high priority.
As central banks try to embrace Ethereum and Bitcoin currency, they suggested the intention of creating protocols and permissions platforms using Blockchain technology.
Creation of a digital currency attributable to the individual central bank using blockchain technology is what over 80% of the banks showed. These findings indicate the attempt to generate centralized digital currencies to take the place of government-free cryptocurrencies around.
Embracing the new crypto
Governments continue to embrace Cryptocurrencies and Blockchain technology worldwide. The technology is expanding its applications in the business arena like Equifax hack implementing Blockchain-based data security. Even more unfamiliar is that Blockchain has brooded a fraud-free voting platform for some states like Horizon State that embrace Blockchain based voting systems.
Blockchain technology continues to expand its territory with blockchain technology being utilized by central banks to create digital currencies and for the provision of fraud shield voting and data security to governments.