Mathematics for Industry - Blockchain and Cryprocurrencies

In the area of blockchain and cryptocurrencies and its impact on Financial industries, in particular, there is a large disconnect between academics and industry. We aim to strengthen the ties and bridge the gap between academics and industry. The conference will bring these groups together and provide opportunities for networking, knowledge transfer, problem solving, and future collaboration.

The meeting will strengthen and promote mathematics for industry both regionally and globally. It will encourage interdisciplinary knowledge transfer between academics and financial institutions; allow researchers and academics to network and form new contacts and collaborative relationships which can be taken advantage of after the conference has ended; provide an opportunity for students to interact with and collaborate with institutions from a wide range of different sectors. It will also benefit students and younger researchers academically, as it will give them experience in presenting their own work to other academics but also those in industry, and they will be able to seek help and advice about publishing research papers.

It is hoped that output from this conference will enable and encourage Bank of England to contribute new material to the growing literature on Blockchain and cryptocurrency, but also to start adapting this new technology.

The proposed Conference falls under the One Bank Research Agenda, and more specifically under the topic of response to fundamental change. The central bank has shown recent interest and development of new fundamental technologies. These new digital currencies can be used as the fuel for smart contracts. The Bank of England has started to look at adapting new payments system on to the blockchain. It has opened its interbank settlement service to the blockchain technology to revamp the current system. Blockchain acts as a decentralized system that exists between all permitted parties, there’s no need to pay intermediaries saving time and conflict. Blockchains are rated, undeniably faster, cheaper, and more secure than traditional systems, which is why banks and governments are turning to them. Through the blockchain, Smart contracts can be created to help exchange money, property, shares, or anything of value in a transparent, conflict-free way, while avoiding the services of a middleman. Faster, cheaper, and reliable ways are required in the banking industry when dealing with transactions. Therefore the move to a blockchain system through using smart contract is one of the ways Bank of England is looking to adapt this new technology.

We believe that our conference will assist and further the understanding and development of blockchain for the listed sectors, and strengthen the link between industry and academics.