Digital Euro Association Blog

How Will Blockchain Technology Transform the Current Monetary System?

Jul 2, 2020 12:41:28 PM / by Manuel Klein, Jonas Groß, Philipp Sandner

Medium

Why should the payment systems we use and the money that is transferred via these systems itself make use of distributed ledger technology (DLT), namely Blockchain technology, the underlying technology of cryptocurrencies such as Bitcoin? This article gives a brief explanation of the structure of the current money and payment system and the functioning of blockchain technology with Bitcoin as an example. It further elaborates the advantages of DLT and its difference to the current design of the monetary system. The last chapter summarizes the different ways of how DLT can be used in our current money and payment system.

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Tags: Programmable euro