The UK’s Central Bank unveiled another solution (proof-of-concept – PoC) within its growing FINTECH program on blockchain technology.
According to the report, the Bank of England works with the pilot blockchain startup Chain.
“The PoC will consider the extent to which systems with distributed registries can be set up to ensure confidentiality among the participants, storing the data in a shared workbook: one of the Holy Grails DLT-design”, – said the Executive Director of the Central Bank in banking, payments and financial stability Bank of England Andrew Hauser.
Today, the Bank of England develops the four directions, introducing blockchain technology. They all focus on processing financial information. One of them is intended to serve the proceedings in real time (RTGS) using technologies developed by Ripple, as well as the pilot for the exchange of assets involving PwC.
The UK’s Central Bank for the first time expressed their interest in the application of the blockchain to ensure the confidentiality of data in April of this year.
The Bank of England is considering numerous applications of technology, including its use as the basis for digital currency issued by the Central Bank.
Recall that British Petroleum made the first test blockchain platform for trading of energy assets.
Read also: Singapore turned the banking system on the blockchain