London conference shows regulators and banks aren’t keen on public blockchain initiatives

At an industry conference held in London today, regulators, banks and private consortiums from around the world discussed Bitcoin blockchain technology. They seemed not very interested in blockchain distributed ledger technology. At the same time, some insiders also expressed concerns about the potential threat posed by digital currency technology to the traditional financial industry.

According to Reuters, Victoria, director of the cashier department of the Bank of England (British Central Bank),   Cleland said:

"First we need to understand the basic model of the Internet finance industry . For all these technological innovations, such as electronic currency and blockchain technology , we need to understand what regulation means for them . "

Cleland also revealed that the Bank of England focused on analyzing the potential risks and benefits of Bitcoin, blockchain and other innovative technologies. Currently, most banks and regulators have expressed opposition to public distributed ledgers.

HSBC Chief Technology Officer Andrew Weir proposed the establishment of a closed peer-to-peer banking service platform: "If banks use public distributed ledger solutions, they will face huge risks because the firewalls of public networks are basically useless to hackers."