The Dutch Central Bank said in its official blog on Thursday, June 8, that the blockchain is not yet applicable for the present system of payments of the country. To such conclusion experts have come on the basis of research, who spent the last three years.
One of the reasons why the technology of distributed registry (DLT) is not yet able to provide a financial payment structure of the country is the issue of scalability, which does not allow the required number of transactions. This research project Dukaton held for three years. The aim of the research was to find out how new technology could improve the current payment system. This was conducted series of experiments and tested four prototype DLT platforms.
Based on the test results, the Central Bank noted that the blockchain actually increases the system’s resilience to attacks from the outside, however, this advantage is offset by disadvantages in scalability and inefficiency.
“The current payment system is very efficient, it can handle large volume transactions and provides legal certainty of transactions. Testing blockchain-based platforms have shown that they are insufficiently productive in terms of costs and energy consumption. In addition, they are not able to cope with the required number of transactions”, — stated in the official report of the Bank.
However the views of the Netherlands Bank is not so pessimistic as it might seem. He admits the likelihood of blockchain, in the future, he could satisfy technological requirements of the financial system of the Netherlands. Therefore, the Central Bank will continue to Fund experiments with the technology of the distributed registry.
Recall that in contrast to the Dutch colleagues, the Central Bank of South Africa, noted the positive results of experiments with bloccano in the state financial system. During testing, the Bank managed to hold 70 000 payment transactions for two hours, while maintaining privacy. For testing we used a platform designed on the basis of the Quorum, on the basis of the Ethereum blockchain.
The Creator of Ethereum, Vitalik Buterin believes that the issue of scalability of the distributed registries can be solved with the help of special solutions of the second level. In the future, such decisions will allow the blockchain to process more than 1 million transactions per second.
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