is because we are still a long way off finding solutions for live systems that are suitable for mass use. blockchain technologies still have many hurdles to jump before they can be applied in real life to alleviate large - scale applications. their biggest problem at present seems to be their all too limited scalability. innovation is the driving factor behind growth. however, the practical application of new innovations must not lead to a trade - off between efficiency and security, both of which need to be safeguarded to maintain the architecture of our financial system in the long term. this applies not just to distributed ledger technology and instant payments but also to other innovative fintech solutions. at this stage in developments it is too early to say much about the implications of blockchain technology. this is partly due to the fact that it is not a simple case of one technology replacing another. what we are dealing with here is a new technology whose actual worth probably lies in its capacity to usher in different processes and structures that are broadly more efficient than those in place today. the task of analysing financial market structures consists in identifying the potential and the risks associated with the various technologies that are being used and understanding their impact on market participants ’ behaviour. in future, ever greater priority will be attached to interconnectedness and appreciation of the “ big picture ” as it affects the individual market participant as a means of gauging developments and 2 / 3 bis central bankers'speeches the risks they entail. on top of this, a solid understanding of market participants as can be garnered from payment and settlement systems, is also useful outside the confines of the actual systems themselves. that is why the direct access to customers afforded by a current account is of such importance to credit institutions. for it allows them to get to know the customer. and the same holds true for central bankers. analyses derived from payment and settlement systems can be of great use in connection with monetary policy, banking supervision and financial stability. the aim of this conference is to bring central bankers and researchers together with a view to discussing changes and challenges in the world of payments deepening our understanding of today ’ s payments landscape forging ahead with innovations in this field. last year, the bundesbank held its first ever academic conference on the topics of payment and securities settlement. that event was a major success. and we hope to expand on that success with this event. in making our invitations this year we teamed up with partners from the united states and we are glad to see

the excellent response that has been generated. ladies and gentlemen, the ball is now in your court to enliven this conference through your input and to use it to your own benefit. the expectations made of economic analysis are at least as high as those made of payment and securities settlement services. let us live up to the olympic motto of “ citius, altius, fortius ". for my part, i look forward to encountering multiple ingenious analyses and ideas and a lively exchange of information. thank you for your attention. 3 / 3 bis central bankers'speeches