Glenn Stevens, governor of the Reserve Bank of Australia, is discussing the influence of the blockchain technology on global banking system in his interview to the Australian Financial Review.

Glenn Stevens argues that blockchain can effectively substitute centralised ledgers where no such structures are possible, while in the areas where centralised systems do work, it is yet to be seen if blockchain can offer a cheaper and more efficient solution.

He admitted that banks do “fascinating” and “important” work to research and develop the technology and expressed his strong belief that blockchain is neither the first, nor the last innovation to challenge the existing state of things. He said that central banks should be more adaptive to changes, which do not necessarily imply more risks than previous models did. He added that governments should also learn to take into account these changes and develop new rules in accordance with them.

This autumn a governmental report entitled “Improving Australia's Financial System” was released, suggesting that the innovative technologies such as bitcoin digital currency and blockchain were regulated “in a gradual way”.

The idea to use blockchain in the areas where centralised ledgers are not functional resembles the suggestion of a Boston university researcher that use of blockchain could be especially beneficial in conflict zones.





Maria Rudina