The future of blockchain in the European banking system

Blockchain technology has sparked intense debate in recent years. In the financial industry, this debate has centred almost exclusively on the rise, and more recently on the relative decline, of cryptocurrencies and the risks of these instruments. However, blockchain technology has far wider implications for markets and banks. To get in front of emerging challenges, the European banking industry has spearheaded some key blockchain-based platforms, including for trade finance. These initiatives have recently been backed by the European Commission, which made the financial applications of blockchain technology a central part of its 2018 FinTech Action Plan.

Carbó, S. and F. Rodríguez (2019). «The future of blockchain in the European banking system». SEFO – Spanish Economic and Financial Outlook 8, n.º1 (January): 21-29.