Ga naar de inhoud

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

Bank of England to Update Settlement System to Work with Blockchain

Geplaatst op juni 23, 2018 door Blockchain News

Bank of England to Update Settlement System to Work with Blockchain

Bank of England to Update Settlement System to Work with Blockchain

The Real Time Gross Settlement (RTGS) system is a fundamental part of banking within the British financial system; it facilitates large fund transfers between banks. However, the Governor of the Bank of England, Mark Carney, has announced it will be redesigned in order that it can interface with blockchain tech worldwide.

Carney made the announcement during a reception speech at Mansion House in London on Wednesday, entitled, ‘New Economy, New Finance, New Bank’. He explained that the bank is in the middle of carrying out an “ambitious rebuild” of the RTGS system, “the backbone of every payment in the UK”.

Regarding the updated system’s ability to interface with blockchain tech, Carney said, “RTGS is being re-built so that new private payment systems, including those using distributed ledger, can simply plug into our system”.

According to Carney, this will “future proof” the system against innovation from the private sector, allowing the bank to remain aligned with the most up to date developments in financial services.

Carney also discussed a joint project which has been started between the UK, Canada and Singapore as well as a number of private sector parties to improve cross-border payments between banks. This, he said, included blockchain-based initiatives.

“The potential returns are large. At present, cross-border payments can cost ten times more than domestic ones. We estimate that in the U.K. alone there is scope to realize annual savings of over £600 million. Most fundamentally, the more seamless are global and domestic payments, the more U.K. households and businesses will benefit from the new global economy.”

Carney said the new upgrade will help both in combating money laundering and terrorism financing as well as addressing financial exclusion.

The RTGS Proof of Concept (PoC) model actually had its proposal in May last year. However, blockchain technology was deemed at that time to not be sufficiently mature to underwrite the idea. A year later it seems the technology is sufficient to give the idea realistic potential.

Whilst cryptocurrencies have not enjoyed much favour from the Bank of England – Mark Carney said in March, that bitcoin had failed as a currency – application of blockchain technology has been in the sights of the Bank for some time. In April, it announced an investigation into a system which would open regulatory oversight on transactions without compromising the privacy of transactors, with promising results. More generally, blockchain and crypto is already being used to speed up international transactions. In May, as reported in ToshiTimes, an Argentinian bank announced it was dumping the SWIFT international transfer system in favour of a cryptocurrency-based system, which would help speed up and make cheaper, international cash transfers.

Image Source: “Flickr”

The post Bank of England to Update Settlement System to Work with Blockchain appeared first on Toshi Times.


Source: Toshi Times
Original Post: Bank of England to Update Settlement System to Work with Blockchain

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Charles Schwab plans to launch Bitcoin, Ether spot trading, CEO says
  • Fintech firms will move to DeFi lending within 3 years: Morpho co-founder
  • 36% of Gen Z spend crypto on daily purchases, Gen X leads high-value spending
  • Arizona, Texas, Utah leading in US crypto policy: Chainlink
  • Ethereum DeFi connects to TON and Telegram with Tac mainnet launch

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • juli 2025
  • juni 2025
  • mei 2025
  • april 2025
  • maart 2025
  • februari 2025
  • januari 2025
  • december 2024
  • november 2024
  • oktober 2024
  • september 2024
  • augustus 2024
  • juli 2024
  • juni 2024
  • mei 2024
  • april 2024
  • maart 2024
  • februari 2024
  • januari 2024
  • december 2023
  • november 2023
  • oktober 2023
  • september 2023
  • augustus 2023
  • juli 2023
  • juni 2023
  • mei 2023
  • april 2023
  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©J Blockchain News Feed | Ontwerp: Krant WordPress thema