Hi Polkadot Ecosystem,
BIS, the bank of central banks issued a document related to interoperability, tokenization, Self-Sovereign Identity (SSI) and smart contracts. They want to build someting they call “Finternet” which I find similar in many ways to Polkadot’s technology (except the decentralized part of course and they probably don’t understand much tech). I think this is another big step to get us accepted, rather than called a scam. Institutions are slowly getting into web3 since 2015.
If you read this document carefully you can notice they avoid using words like web3, crypto or blockchain, but in reality the overlap is huge.
Abstract extract
“This paper lays out a vision for the Finternet: multiple financial ecosystems interconnected with each other, much like the internet, designed to empower individuals and businesses by placing them at the centre of their financial lives.”
“The envisioned system leverages innovative technologies such as tokenisation and unified ledgers, underpinned by a robust economic and regulatory framework, to dramatically expand the range and quality of financial services.”
“This paper provides a blueprint for how key technical characteristics like interoperability, verifiability, programmability, immutability, finality, evolvability, modularity, scalability, security and privacy can be incorporated, and how varied governance norms can be embedded.”