The ECB has published a first report on Stella, a joint research project with the Bank of Japan. The two banks are interested in potential roles that distributed ledger technology could play to support the financial market infrastructure. The report assesses whether existing payments systems could be safely and efficiently run on a distributed ledger. It concludes that
- a distributed-ledger-based system could meet the performance needs of real-time gross settlement systems, up to some limits;
- such a system could strengthen resilience.