Blockchain Friendly Payment System In UK Central Bank

Yesterday, on Monday the Reuters reported that the modernized payments system of the UK Central Bank will be compliant with financial technology forms which are based on blockchain.

It is the latest report in the BoE’s current attempts to modernize and renovate its Real-Time Gross Settlement system (RTGS), which plays significant role in banking and trading in Britain and processes the operations with the total worth around ‎£500 billion every year, or nearly the third of the country’s economic production. The modernized framework is believed to be launched in 2020, and will be founded to be stable and durable against cyber-attacks but at the same time also being accessible to a larger number of smaller business communities.

This would allow these communities and industries to utilize the system in the most direct way, instead of through an intermediary of a huge bank.

In March, the BoE introduced a “proof of concept,” asking a number of companies, among them payments technology providers Baton Systems and Token, R3 and Clearmatics, for reaction to this actions. They were offered to study whether the “renewed” cloud-based RTGS service would be able to corporate with frameworks which are based on distributed ledger technology (DLT) and how its practically could be enlarged via the usage of innovational technologies.