The Canadian Central Bank announced that it will soon publish the results of its experiment with a private blockchain in a move to see what benefits the blockchain technology could provide and where the risks might lie, according to the bank’s senior deputy governor Carolyn Wilkins, as reported by Reuters.

"It's been a very useful exercise and we'll be publishing the results sometime in the next few months," Wilkins told during a conference hosted by the Ontario Securities Commission. She also mentioned that blockchain consortium R3 and Payments Canada have worked on the project.

Reuters accessed the slide from the presentation that showed, the banks in the experiment would pledge cash collateral in a pool that the Bank of Canada would convert into a digital version. The digital currency would be used later as a medium of exchange and could be converted back to cash.

"What we saw with bitcoin and others is really it turned out to be still more of a commodity rather than money itself," Wilkins stated. "As a fundamental means of transacting for people in this room, it's just not there."