The Finnish central bank held a blockchain seminar, and innovation in the financial system is the key

Last week, the Bank of Finland also joined the blockchain research community, with the Bank of Finland and the Ministry of Finance co-hosting a seminar to discuss the potential applications of distributed ledgers.

Bank of Finland holds blockchain seminar

On November 24, the Bank of Finland convened top researchers from universities, think tanks and various industries to explore the risks and advantages of blockchain technology in order to promote economic innovation in the country.

The seminar focused on 10 blockchain proof-of-concept projects from the public and private sectors. In addition, the conference also invited experts and scholars from Nets (a company that operates payment networks and promotes the widespread use of electronic payments), Microsoft, Fortum (a Nordic energy company) and the Finnish National Technical Research Center to serve as guest speakers, talking about cooperation plans in various industries and how to use blockchain technology to promote the development of the Finnish economy.

Erkki Liikanen, Governor of the Bank of Finland, said:

Our goal is to ensure the reliability and efficiency of the payment system and the entire financial system, and to participate in the development of the system. Our work includes researching, supporting and promoting innovation in the financial sector.

Finland has a well-developed blockchain industry

Most Finnish startups and traditional companies plan to use blockchain technology to improve market efficiency. In June this year, the Finnish city of Kouvola raised 240万欧元to build a blockchain-based supply chain system. The project, called SmartLog, mainly improves supply chain efficiency by ensuring real-time settlement and unchangeable transparent records.

In addition, the Finnish National Technical Research Center, a participant in this conference, has also increased its research on blockchain solutions. The research center has established a blockchain laboratory in cooperation with the University of Oulu and is currently testing the Ethereum private chain prototype.

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Finland is just one of many central banks looking into blockchain, with several government agencies, including the Bank of England, the Bank of Canada and the People’s Bank of China, all studying the technology.