ECLAC explores the use of blockchain technology to combat de-risking

A new report published by the Economic Commission for Latin America and the Caribbean (ECLAC) explores the potential of using blockchain technology to help alleviate the effects of de-risking in the Caribbean.

The report shows that the technology has the potential to address the de-risking issue by:

  1. Offering tools to improve surveillance of transactions, decreasing risk and compliance costs; and
  2. Offering banks the opportunity to bypass correspondent banks altogether, reducing transaction costs and increasing efficiency.

While these benefits are promising the report shows that there are a number of issues with the technology which need to be ironed out before it plays any major role in addressing the de-risking issue.

Link to report: http://repositorio.cepal.org/bitstream/handle/11362/41139/1/LCCAR2017_2_en.pdf

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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