John Canliff: "Use blockchain for calculations is too problematic" – Bits Media

The deputy manager of the Bank of England considers it inappropriate to use the technology of blockchain for trade and financial calculations, since this is fraught with many risks.

This question John Canliff (Jon Cunliffe) I touched on the conference, organized Association of European financial markets (AFME). The use of the latest technologies for making payments and calculations will not be able to ensure the same level of security, like a traditional financial system, The official assures. Instant calculations mean, that cash and securities should be available at the time of the transaction. Therefore, it is unclear, how blockchain -based platforms can be used along with existing technologies, Canliff doubts:

“Now there is simply no time to identify or correct errors, which may occur when introducing blockchain into the financial sector. Besides, We do not need to conduct instantaneous calculations in international markets ".

However, many companies do not agree with the opinion of Canliff, Since calculations on transactions with shares and bonds are carried out for about two working days. There is a risk, that in the intermediate period significant fluctuations in the market may occur. So, A few months ago, the NGX NGX Nigerian Stock Exchange said, that by the next year it plans to integrate blockchain for fast and safe transactions in the stock market.

John Canliff treats not only blockchain suspicion, but also cryptocurrencies. He previously compared them to the boom of bunks, Therefore, he proposed to regulate the crypto industry by analogy with traditional finances.