But CBDCs are unlikely to come to market rapidly, and there’s a high chance that they will be extra restricted in performance and programmability. From a business perspective, it’s useful to think about blockchain technology as a type of next-generation business course of improvement software. A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this know-how, participants can confirm transactions and not using a want for a central clearing authority. Potential functions can include fund transfers, settling trades, voting, and lots of different issues. As a world financial services agency, Morgan Stanley is dedicated to technological innovation.