Abstract

The “blockchain” belongs to the family of the so-called DLTs “Distributed Ledger Technologies”. According to many experts, these will be the basis of a new revolution that will make the “internet of information” evolve towards an “internet of value”. The numerous fields of application of these technologies and the way in which the records of the transactions are documented will have important implications on the creation, management, and archiving of future records. Some pioneering information professionals have already opened lines of study and research into the new challenges and uncertainties that DLTs pose to current records management methodologies.

Abstract

This paper reviews what stage the central banks of the world’s leading economies are at in their study and adoption of distributed ledger technology (DLT) to reengineer their various systems and functions. A brief description of DLT will be given, followed by an analysis of central banks’ publications and pronouncements to determine what each central bank is doing on their journey to DLT adoption. It was found that of the central banks for which information was available, all of them have expressed interest in DLT and have evaluated it to some extent. Nevertheless, no central bank has an operational DLT-based system at this point. This is because some issues remain regarding the speed, cost of processing, security, transparency and privacy, legal settlement finality, scalability and network effects of the technology. As DLT matures, the expectation is that these issues will begin to be resolved.