The Swiss central bank governor: block has completely changed the financial chain
The SNB board chairman and President of ThomasJordan yesterday in more than Sibos annual meeting held in Geneva Switzerland (SwiftInternationalBanker ‘sOperationSeminar, the international banking Conference), represented by the block chain and distributed books has completely changed the financial system.
In front of more than 8000 financial industry professionals, ThomasJordan tells the story of a central authority (centralization) on the history, from the birth of the 1940s central clearing and settlement system in 1987 six to the internal bank (SIC) has served as a central authority to bring banking safety and efficiency means.
Block chain and distributed technology books mentioned, reduce the cost, the first thought is Jordan, the Swiss National Bank is now working with market participants, regulators and other central banks to discuss what to do next.
Jordan said of the block chain and distributed technology books:
This system may make it to ensure that the transaction and bank reconciliation, coordination with third party system. Before the model seems to appear to have been subverted. Now it seems to the center, to promise the maximum efficiency of decentralization.”
In addition to serve as president of Switzerland’s central bank, or Basel international clearing bank Jordan (theBankforInternationalSettlements, BIS) and the International Monetary Fund (InternationalMonetaryFund, IMF) members of the board of directors.
“For whether the infrastructure is using the technology to support the financial market, the central bank held a neutral attitude,” Jordan said, “we according to their influence and complete the task, to evaluate their innovation.”
Block chain integration
But Jordan still emphasized in his speech, he said that all centralized and not lopsided theme.
For example, he will be the study of financial market of existing institutions described as “already highly competitive” and that “the traditional centralized model to meet stringent safety standards, and has been improved.”
If the distribution of books instead of the financial industry, Jordan believes in the market may be a “hybrid scheme”, safety information is fixed in the distributed books, the central bank might block the currency through the chain.
He added that the latter puts forward some problems needed to be solved specific.
“Finally, we could see that the coexistence of old and new technology or fusion.”
Swift appeared on the stage
Following the Jordan statement, Swift (Society for Worldwide Interbank Financial Telecommunication) CEO GottfriedLeibbrandt proposed the audience can be a way to change the block chain built in traditional financial infrastructure.
Specifically, he believes that Swift launched in December 2015 the global payment plan (GlobalPaymentsInitiative, GPI), can be improved by chain block.
First, the new bank service level agreements (servicelevelagreement, SLA) to design rule manual is to make transactions faster and more transparent. There have been 80 financial institutions signed the GPI this year, entered the “active pilot mode”.
Although the new SLA intention by simplifying cross-border payments to attract early participants, but Leibbrandt said Swift has been exploring more new technical solutions.
“Who knows, some of which may have enabled the blockchain. We do see, block chain as a low-level technology and other technology with operation, constantly enhance service.”