The world of finance has many moving parts. Some companies and institutes you may have never heard of, but they are often more important than you think.
For example, the Bank for International Settlements (BIS) or the Bank for International Settlements (BIB) is working on six new projects.
These are projects related to artificial intelligence (AI), central bank digital currencies (CBDCs), tokenization, cybersecurity, combating financial crime and blockchain technology.
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BIS explores blockchain, AI and more
On Tuesday, the organization announced six new projects designed to advance the world of finance. Quantum Leap, for example, must protect the European financial sector from quantum computers, which have the potential to breach the cybersecurity of banks and other financial institutions.
This threat applies to anything that is digitally encrypted. Blockchain, the technology behind cryptocurrencies, could also be vulnerable. Still, there are ways to protect networks from these super-powerful computers. This also applies to the banking system.
The BIS division in Hong Kong is currently working on the Symbiosis project, which explores how the world can adapt to AI and big data. Supply chains and their impact on the climate are also examined. The Hong Kong Department is working on a second project called Project Aurum. The aim of this project is to examine the privacy implications of CBDCs.
Project NGFS Data Directory 2.0 in Singapore also focuses on data management around climate issues. The Promissa project from the BIS, the Swiss Central Bank and the World Bank focuses on the application of blockchain technology to the banking system. With the Hertha project in London, the BIS wants to learn to recognize patterns in financial crime.
BIS has a love-hate relationship with cryptocurrencies
The BIS is an institution that acts as a bank for central banks and a forum for international monetary and financial cooperation.
The institute regularly publishes interesting research results on a wide variety of topics. For example, in 2022, research was conducted into what motivates people to buy crypto. The institute remains very cautious when it comes to crypto and blockchain. On the one hand, people are very skeptical about the often risky aspects of the sector, but on the other hand, they also want to use blockchain in the financial sector.
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