The Central Bank Summit on Blockchain, hosted at Carnegie Hall in New York City, gathered central banks’ senior leadership, payment strategy leads and oversight staff for a focused discussion on blockchain.
Ripple CEO Brad Garlinghouse hosted the event and said, “The Summit provided an opportunity to explore the full payments landscape: central banks’ domestic trials, Ripple’s growing cross-border network and interoperability across systems. Together, these form the beginning of an Internet of Value, where payments move as easily as the data across the internet.”
Internet of Value: enabling connectivity and interoperability
The Summit started with a presentation from the International Monetary Fund (IMF) on fintech’s potential to change market structure, opening new possibilities in payments.
With this context, the Summit explored central banks’ experiments with using blockchain for domestic payments. These domestic trials explored rebuilding existing systems, building new backup systems, and creating new features such as a central bank digital currency.
The research has furthered the understanding of blockchain — both the use cases for where it makes sense and where it doesn’t. The ultimate adoption of blockchain for domestic payments may not be universal. The optimal solution depends on the pain points and features needed in each market, which can vary greatly by country. With this realization, interoperability between systems — both centralized and distributed — became a key focus area and the impetus of Ripple’s own work on Interledger…
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