Finland’s Central Bank Explores Blockchain Technology

Last week the Bank of Finland joined the growing list of worldwide central banks interested in blockchain technology. Finland’s central bank, collaborating with the Ministry of Finance, held a seminar which discussed the possibilities offered by distributed ledgers.

Bank of Finland Hosts Blockchain Seminar

On November 24 the Bank of Finland gathered together with the country’s leading researchers from universities, think-tanks, and various industries. The bank’s press release said the event aimed to discuss blockchain technology’s risks and rewards in order to forward innovation in the country’s economy.

The seminar featured a set of ten proof-of-concepts utilizing blockchain technology in the public and private sector. Additionally, a wide array of speakers stemming from Nets, Microsoft, Fortum, VTT Technical Research Centre of Finland, and many other spoke during the seminar. Panels conversed about cooperative standards and ways to use the technology to progress Finland’s economy.

“Our task is to ensure the reliability and efficiency of the payment system and the overall financial system and to participate in their development,” said the Bank of Finland’s Governor Erkki Liikanen. ”Research into, and support of, new innovations shaping the financial sector constitute part of this work.”

Blockchain R&D Is Thriving in Finland

Many Finnish startups and incumbents are trying to utilize blockchain technology to enhance market efficiency. This past June, the Finnish city of Kouvola acquired €2.4m in funding for a blockchain-based supply chain system. The SmartLog platform aims to advance the supply chain by processing settlements in real-time and holding immutable transparent records.  

Furthermore, one of the central bank event’s attendees, VTT Technical Research Centre of Finland has been heavily researching blockchain solutions. VTT Technical, in partnership with the University of Oulu, has a blockchain lab that has been testing private Ethereum prototypes.

“Our team can help you to understand, develop and implement Blockchain technology securely with the right use cases,” explained the Centre. “With our combined knowledge in applied cryptography, information security and embedded systems we have real experience in this area.”

The Bank of Finland is now among the many central banks focused on blockchain. Other countries central banks such as the Bank of England, Bank of Canada, and China’s PBOC have steadily been researching this technology.

What do you think about the Bank of Finland’s interest in blockchain technology? Let us know in the comments below.

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