To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more

John McAfee death was a suicide, autopsy confifms

John McAfee's relatives will finally bury him now

The National Bank of England is testing blockchain-technology

But for the time being no decision has been made to move to the new system.

31.Mar.18 4:43 AM
By Anna Bezrukova


The National Bank of England is testing blockchain-technology

It became known that the Bank of Great Britain will resort to a proof-of-concept to find out how the system of payment processing and distribution registries of DLT will be operated in real time.

RTGS is a payment system that captures real-time money transactions. Confirmation of the transaction occurs immediately after processing the application, without interacting with other transactions. As a rule, RTGS is approached when it is necessary to carry out operations with large amounts.

In May 2017, the Bank of Great Britain published a draft of this system. Representatives of the financial organization assured that this model of calculations has a different and flexible range. Thanks to this, the central bank's payment infrastructure and funds become available.

In addition, it was stated that the bank will create a payment service, combined with blockchain technology. However, the institution has not yet implemented a technology for the distribution of DLT registries, since it has not been fully finalized. At this stage, the technology is not capable of becoming a full-fledged base for the new generation of the RTGS payment system.

Back to the list

Related Information: