There will be a greater understanding of blockchain technology and its impact as it finishes its trial stages according to the director of product strategy and innovation at Euroclear.
Speaking at a SWIFT business forum in London, Angus Scott highlighted how questions raised about distributed ledger technology would be known as it nears the end of the experimentation phase.
“There is too much complexity to come up with a one size fits all answer for blockchain, this technology has to be placed in real business with real revenues and real customers to really answer the questions that are being asked,” said Scott.
“That is what is starting to get interesting as we are getting past the experimentation stage and people are coming up with different opportunities for whether this works in issues such as the raising of capital and saving reconciliation.”
The news is the latest development concerning blockchain technology which was created as a public ledger of every bitcoin transaction that has ever been carried out.
Earlier this month seven firms, including J.P Morgan, Citi and Credit Suisse, reported a successful test of blockchain and smart contract technology for standard North American credit default swaps.
Additionally in March, the London Stock Exchange Group revealed that it is considering implementing blockchain technology into its central securities depository globeSettle.
Distributed ledgers are being hailed by custodians as being the future of the industry with potential to improve processes such as settlement, clearing, corporate actions and much more.