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New European Central Bank report on the new technology DLT (Distributed Ledger technology)

DLT- distributed technology, is Blockchain technology.

A new report from the European Central Bank (ECB) was issued.

The 134-page report seeks to assess the impact of DLT technology on the harmonization of payment systems after a transaction.

Last week's report highlights the effect of DLT technology on a large number of services affecting the security of payment agreements.

What is most interesting is that the ECB, taking up the sentiment expressed by the Bank of England, suggested that in the future the two systems, DLT and existing software, should work together by communicating with one another.

The report states:
"If DLT and non-DLT solutions are to coexist, interoperability between the two approaches must be ensured. It may be necessary to provide ad hoc matching fields where a participant has a DLT and not a DLT account.

The Bank of England had already spoken of the notion of interoperability, stating that if it did not intend to use the new technology as the basis of its payment system, it thought it would be compatible for future developments.

The report states:
"The potential use of LTDs can have important implications for the integration of EU financial markets. In particular the market may want to consider the ISO 20022 extension in the initiation and coding of smart contracts, as well as specific concepts of DLT. "

The report is also based on a joint publication by the ECB and the Bank of Japan which stated that they would use the new technology for some of their services.

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