BIS Proposes Unified Ledger for Faster Transactions

The Bank for International Settlements (BIS) has unveiled a proposal for a unified ledger, a new financial market infrastructure that incorporates central bank digital currency and tokenized assets. Unlike blockchain-based systems, the BIS solution utilizes application programming interfaces (APIs) for faster transactions and atomic settlement. The unified ledger aims to address the existing silos of tokenization schemes and enable disintermediation in securities transactions. The BIS chapter follows the International Monetary Fund's (IMF) release of its "single ledger" concept. Both proposals rely on trust in central bank money rather than blockchain technology. The full BIS annual report is set for publication on June 25.