Bank of England runs blockchain trials

posted about 1 month ago
The Bank of England's fintech accelerator programme has launched a new community forum for innovation talks and two new proof of concept trials exploring the use of AI and distributed ledgers.

Fintech community members will be invited to meet with the Bank two to four times a year to share updates on trends and developments in the sector and participate in quarterly networking and knowledge-sharing events.

The latest proof of concept trials to emerge from the accelerator include a cross-border payments pilot with Ripple.

The engagement with Ripple will seek to demonstrate the synchronised movement of two different currencies across two different real-time gross settlement systems. It comes as the bank works towards a 2020 timeframe for the overhaul of the country's real-time gross settlement system.

"The aim is to show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments," the Bank says.
Tags: news, blockchain