Bank of England to Test Blockchain Tech in Domestic Payments System

Bank of England’s History with Blockchain Technology

In 2016, referring to DLT, the Bank’s Executive Director for Banking, Payments, and Financial Resilience, Andrew Hauser, stated: “there’s no likelihood of such an extreme revolution occurring any time soon.” That was in 2016.

Yet, in May 2017, the bank offered an RTGS blueprint regarding services for various settlement models. Regardless of executive statements offered the previous year, the necessity to include emerging payment systems was clear.

The Bank of England’s proof of concept findings is expected to be published later this year, including functionality expansion possibilities and necessary steps for implementation.

Time will tell how the Bank will adjust to the findings and what they’ll offer regarding DLT innovation…and when.

Read the full article here: https://www.ccn.com/bank-of-englands-renewed-rtgs-proof-of-concept-for-distributed-ledger-technology/