Bank of Korea encourages central bank to explore blockchain

Regarding digital currencies, the report does not see these applications of the technology becoming widely used anytime soon.

However, it struck a more positive tone when discussing the use of distributed ledgers in the financial sector.
The report adopts the popular view that blockchain technology has the potential to disrupt the financial market infrastructure and intermediaries, as well as central banking.

On the other hand, the paper suggests that, at present, blockchain technology has various shortcomings that hinder its adoption by financial institutions.

For the future, the paper recommends that the central bank closely monitors the development of distributed ledger technology by domestic as well as global financial institutions and startups.