DNB posits that blockchain tech could improve its business, a possible indication of how it may look to apply lessons learned from the DNB project. Blockchain technology is offered as possible cost-saver in the financial industry, though the central bank concedes its early to say what possible applications might take shape in the years ahead.
In recent months, a growing number of central bank officials from around the world, particularly the Bank of England, have suggested that blockchain technology could be applied to create more centralized digital currencies.
Bank of England deputy governor for monetary policy Ben Broadbent reckoned that a central bank-issued digital currency could reshape depositor behaviors and, in extreme cases, inhibit the ability of banks to extend loans should consumers migrate to the digital currency.
Researchers in the UK have gone as far as to propose a new kind of cryptocurrency, dubbed ‘RSCoin’, which was inspired by recent work done by the BoE but did not actively involve the central bank.
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