Canadian Gaming Summit to address uncertainties surrounding blockchain

Blockchain may be known as the technology behind digital currency bitcoin, but many institutions are already starting to find other use cases for it.

Bitcoin’s underlying technology makes use of cryptography to create a distributed ledger system to hold and spend money in a more open, transparent and flexible manner compared to the traditional bank or credit card companies. In the future, the technology could help unify the global payments system by enabling banks to process transactions directly, instantly and securely in a matter of seconds.

The Bank of Canada, which conducted a year-long study on blockchain, recently said there is a potential for a distributed ledger technology-based wholesale payment system to work “if they could be linked in to other financial market infrastructure.”

“Such benefits may be obtained by integrating other assets on the same ledger as payments—which could greatly simplify collateral pledging and asset sales—reaping economies of scope and reducing costs to participants by integrating back-office systems,” the Bank of Canada said in its report.