Dutch Central Bank says blockchain not ready

Yesterday the Dutch Central Bank, De Nederlandsche Bank (DNB), published a blog post about their blockchain experiments. The conclusion was that the technology currently fails to meet the high demands of a financial market infrastructure (FMI). However, some of the more detailed comments apply specifically to Bitcoin’s technology.

Criticism matches Bitcoin weaknesses

The bank has been exploring and doing hands-on experiments for the last three years. Ron Berndsen initially headed up the trials, but he departed at the end of last year. In 2016 he outlined the initial experiments in some detail. Firstly they cloned Bitcoin, and secondly, they experimented with Bitcoin-of-the-future, once it has mined the last coin.

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