British Central Bank Updates Payment System Compatible with Blockchain
Britain is exploring more and more all the possibilities offered by the use of the big register. According to a Reuters report, the updated payment system of the Bank of England (BoE) should be compatible with forms of financial technology based on the Blockchain.
Modernize the real-time gross settlement system
The Central Bank of the United Kingdom has published a report who evaluates his recent Proof-of-Concept (PoC) Monday, July 23rd. She is leading a test project to examine whether the connection of Blockchains companies to an updated version of the bank's real-time gross settlement service was feasible.
The launch of the BoE's latest real-time gross settlement system (RTGS) update is scheduled for 2020 . It should facilitate interbank transactions, processing up to £ 500 billion in transactions, or a quarter of Britain's estimated GDP.
On the other hand, the system will be designed to resist cyber attacks , which reinforces the level of security. It should be available to more small businesses. The latter could then use the system directly without going through a proxy of a large banking institution.
A conclusive review
The BoE's Proof-of-Concept (PoC) presented in March has been subject to criticism from some payment technology providers such as Baton Systems and Token, R3 and Clearmatics. They examined the RTGS service"Renewed" cloud-based, and determined whether it could partner with programs based on Large Distributed Register (DLT) technologies. Emerging technologies could potentially expand its performance.
"All participants confirmed that the functionality offered by the renewed RTGS service would allow their systems to connect and reach a settlement in central bank money," the BoE said in a press release.Participants also recommended exploring the uses of "cryptographic proofs" to prevent theft or modification of data."A number of recommendations have been received to ensure optimal access to Central Bank money. "
The new Bank of England system encourages competition and innovation in the banking sector.
What do you think of the improved payment systems supporting Blockchain and DLTs of the BoE? Comment in the comments section below.
Posted from my blog with SteemPress : https://infos.link/british-central-bank-updates-payment-system-compatible-with-blockchain/
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