The blockchain technology can not yet be a useful addition to the existing in the Netherlands the payment system — such opinion was expressed by the country’s Central Bank.
The experts of De Nederlandsche Bank (DNB) was formed on the basis of the results of the project Dukaton series of experiments, during which over 3 years was tested 4 DLT prototype.
The DNB came to the conclusion that the technology of the blockchain is not suitable for the existing infrastructure of the financial payments due to a lack of scalability for large volumes of transactions and number of other problems.
After testing the project Dukaton in DNB recognized that the blockchain can improve the resilience of financial infrastructure to external attacks, but this is achieved at the expense of “scalability, capacity, and efficiency.”
“Modern payment system is very efficient, can handle large volumes and to provide legal certainty of payment. Tested blockchain solutions demonstrate that they are not efficient in cost and energy consumption and can’t handle large number of transactions,” — said in a statement, De Nederlandsche Bank.
However, DNB does not exclude the possibility that the development of the industry of the blockchain better the algorithm will be able to meet the threshold performance required by the Dutch financial system. In this regard, the Central Bank intends to continue to invest in further application development and experimentation with blockchain technology.
Earlier, the world renowned financial expert and at least a well-known critic of cryptocurrencies and blockchain Nouriel Roubini (Nouriel Roubini) said that the technology is unlikely to replace the existing banking system. However, he pointed out the same shortcomings of the blockchain, and experts of De Nederlandsche Bank.
A similar opinion was expressed by first Deputy Chairman of the Central Bank of Russia Olga Skorobogatova, commenting on the development of payment systems and messaging on the blockchain, but there arose questions as to security.