The role of blockchain in banking - Future prospects for cross-border payments

One bank different entities, transactions diminish the role of any intermediaries, shares that DLT is valuable as ‘getting rid of the to update the central institutions, and correspondents in the single point of failure by decentralised validation life-cycle of the cross-border payment process. [...] The process minimises the number of intermediaries The aim of this is to ensure that eventually, the and their markup on spreads. [...] The right to be forgotten and the right regulations from the Federal Reserve, Office of the to rectification are key elements of the GDPR which Comptroller of the Currency and federal states in conflict with the immutability of a DLT system. [...] In addition, the creation some of the interpretive issues to make sure parties are aligned not of ecosystems consisting of multiple consortia only on the outcomes, but also on the interpretive issues in order has alleviated the problem of interoperability, with to reduce the friction that emerges through implementation and ecosystems serving as so-called super-connectors. [...] One bank is resigned to the prospect of this remaining the case in the long term, and is simply complying with relevant sets of national regulation and bearing the costs this entails.