2018-7-5 04:15 |
The European Banking Authority (EBA) has published a report, which analyzes the opportunities and risks emerging for financial institutions in using distributed ledger technology (DLT).
The report says that DLT and smart contracts provide a range of opportunities, the most promising of which are the potential efficiency gains, conservative management of costs, and lower risk of duplicate financing and manipulation of documents.
It explains: “DLT enables a common and almost real-time view of a trade transaction stored in a shared ledger for all participants involved, creating a level playing field for all parties and eliminating their reliance on paper instruments exchanged among them.
Similar to the report from the EBA, CEO Carlos Torres expressed concerns over possible compatibility issues with tax authorities and financial regulators in various jurisdictions.
Torres added that, despite its challenges, the technology deserves thorough exploration.
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