The National Bank of England is testing blockchain-technology

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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.