The Bank of England is preparing a new payment infrastructure. It will support the blockchain

The Bank of England is preparing a new payment infrastructure. It will support the blockchain

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Updated payment system of the Bank of England (BoE) will be compatible with forms of blockchain-based financial technology, reports Reuters. 

The Bank of England annually processes applications with a total amount of ‎£500 billion, which is an third part of the economy country. Launch of the upgraded system planned to produce by 2020 year. As conceived by the architects, the update will allow work with small business representatives and will wholly safely for online users. Serious works in the field of reducing the risks of cyber attacks.

In March, the Bank of England presented its proof of concept in which reached out to several firms including payment technology providers Baton Systems and Token, R3 and Clearmatics. They were asked to study, will be able whether the updated RTGS cloud service interoperate with DLT-based systems and as functionality can be expanded through the use of new technologies. By data tests, at the request of the bank representatives, all the participants confirmed that the functionality offered by the updated RTGS service, will allow their systems connect and calculate in a convenient format.

The Bank of England is preparing a new payment infrastructure. It will support the blockchain

Questions and Answers application blockchain don’t care only banking representatives in England. So, recently, at the government level, issues have been discussed to create new blockchain commissioner positions-technologies.

text: Evgeniya Likhodey, a photo: James Oxley / Bank of England 

The Bank of England is preparing a new payment infrastructure. It will support the blockchain

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