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  ECB chief Draghi: The Blockchain is very useful | Bit Updates
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ECB chief Draghi: The Blockchain is very useful

Tuesday, February 13th, 2018 | bitcoin updates

          
    
    
    (Image: David Stankiewicz (CC BY-SA 4.0))
                
            
             The financial world warns about crypto money, but the technology behind it finds many friends: ECB chief Mario Draghi praised the potential of the blockchain.
            

        

        The President of the European Central Bank (ECB), Mario Draghi, plays great parts in the blockchain technique. The behind many crypto-currency technology is "quite promising," Draghi said in a video interview published by the central bank on Tuesday. For example, it allows invoices to be settled quickly and automatically as soon as they are received and can bring many benefits to the economy.
However, the technology is still not secure enough for central bank use, Draghi said. Further research is needed; the ECB is already cooperating with the Japanese central bank in this area. "We are very confident that blockchain technology will be very useful in the future."

            
        
        ECB chief Mario Draghi on Blockchain technology.
        The Blockchain is a kind of distributed and publicly accessible cash book, which is also based on the most famous crypto currency Bitcoin. All transactions ever made are recorded there in chronological successive data blocks. Each block contains the hash value of its predecessor, which should guarantee counterfeit security.
However, when investing in cryptocurrencies like the Bitcoin, Draghi advises caution. Due to the strong price fluctuations and the lack of control by a central bank or a state, the Bitcoin is not a real currency. At the same time, he does not see the ECB responsible for regulating or even prohibiting Bitcoin.
512 million US dollars for blockchain startups The enthusiasm of the finance world for the blockchain technology can also be summarized in concrete figures: According to a study by the consultants KPMG flowed in 2017 about 512 million US dollars in the respective startups and their block-chain projects. The authors of the study expect the first productive systems after numerous proofs of concept in 2018, among other things, the Exchange Australian Securities Exchange could in future handle parts of their securities trading.
In Germany, for example, Daimler, Allianz, Deutsche Bank and Deutsche Börse are working on block finance projects. (with dpa material) /

(Axk)

      

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