## 9 Future Work and Conclusions
Another important direction for future research is the integration of the BFS system within existing financial systems and infrastructure. Further work is needed to ensure interoperability with the wide range of legacy systems and data formats used in the financial industry. This may involve the development of standardised data models and ontologies for financial reporting, as well as the creation of middleware and translation layers to facilitate communication between different systems. The BFS system has the potential to be applied to a wide range of use cases beyond traditional financial reporting and liquidity management. Future research could explore the application of the BFS system to areas such as supply chain finance, trade finance, and cross-border payments, among others. By taking advantage of the transparency, immutability, and efficiency of blockchain technology, the BFS system could help streamline and automate many of the complex and time-consuming processes involved in these areas, thereby reducing costs and improving overall efficiency. Moreover, while energy consumption and savings are not the focus of this paper, they represent a highly relevant area for future work that could naturally follow from our work on the BFS system. Ensuring regulatory compliance and standardisation is a critical challenge in the adoption of any new financial reporting system. Future research could explore the development of standardised compliance frameworks and reporting requirements for blockchain-based financial reporting systems, as well as the creation of industry-wide standards and best practices for the use of blockchain technology in the financial sector. This may involve collaboration with regulatory bodies, industry associations, and other key stakeholders to ensure that the BFS system meets the highest standards of security, reliability, and transparency. The BFS system represents a significant contribution to the innovation of financial reporting and liquidity management. By using the power of blockchain technology, the BFS system enables real-time, transparent, and auditable financial reporting while also improving the efficiency and security of liquidity management processes. The development and implementation of the BFS system have also highlighted the challenges and opportunities associated with the use of blockchain technology in the financial sector. While there are certainly technical, regulatory, and operational hurdles to overcome, the potential benefits of the BFS system are significant. By providing a transparent, immutable, and efficient platform for financial reporting and liquidity management, the BFS system has the potential to reduce costs, improve efficiency, and enhance trust and confidence in the financial system. As the financial industry continues to evolve and embrace new technologies, the BFS system represents an important step forward in the innovation of financial reporting and liquidity management. By continuing to refine and improve the system and by collaborating with key stakeholders in the financial ecosystem, the BFS project has the potential to drive significant positive change in how financial information is recorded, reported, and utilised. **Author Contributions:** Conceptualization, N.D. and S.C. and G.D; investigation, N.D.; writing--original draft preparation, N.D., S.C. and G.D.; writing--review and editing, N.D., S.C. and G.D. All authors have read and agreed to the published version of the manuscript. **Funding:** This research received no external funding. **Data Availability Statement:** Data are contained within the article. **Conflicts of Interest:** I, [PERSON], hereby declare that the findings and opinions presented in this paper are part of ongoing research and are intended to stimulate further discussion and engagement. The research conducted in this paper was completed prior to the author's association with the Bank of England and is unrelated to the author's role or responsibilities at the Bank of England.