In a recent blog post, (you can read it here) IBM outlined a series of recommendations designed to aid the success of the digital euro. These recommendations offer a blueprint for how the European Central Bank (ECB) can ensure the digital currency successfully navigates the complex landscape of the Eurozone. While these suggestions are focused on the creation of a digital euro, their applicability goes beyond that. They offer key insights that are relevant to the financial sector, particularly when blockchain technology is involved.
IBM’s Recommendations and the BESIDE Project’s Alignment
- Build on Existing Rails: IBM suggests that the digital euro should be built on existing financial infrastructures. The BESIDE project takes a similar approach by focusing on enhancing financial professionals’ existing capabilities through blockchain technology.
- Simplicity and Familiarity: For successful initial adoption, simplicity is key, IBM notes. The BESIDE project also emphasizes the importance of making complex blockchain technologies easy to understand through its e-learning platform and pilot course.
- Privacy Concerns: IBM recommends strong offline and online privacy guarantees. In alignment with this, the BESIDE project aims to educate financial professionals on ensuring end-to-end transaction privacy using blockchain.
- Use of Blockchain: Although IBM acknowledges that distributed ledger technology is not essential for a digital euro, it presents blockchain as the most beneficial option. This directly aligns with the BESIDE project’s focus on applying Blockchain in digital financial services.
- Go Slowly but Surely: IBM suggests starting with a minimal viable product (MVP) for a faster time to market. BESIDE adopts this approach by offering a pilot course tailored to provide participants with essential knowledge and skills in blockchain technology.
The objectives and results of the BESIDE project find synergy with IBM’s vision for a digital euro. Both initiatives underscore the transformative role that technologies like blockchain can play in the financial sector and how professionals can adapt to this transformation. For financial professionals interested in staying ahead in the digital age, the BESIDE project offers a unique opportunity to gain relevant skills and knowledge, all in line with the EU’s digital policy and evolving industry needs.
We invite you to visit the BESIDE project website for more information on how you can be part of this transformation. Equip yourself with the necessary skills to not just navigate but thrive in the complex digital landscape of the future.
Learn more at besideproject. eu.