Bank of England tests blockchain integration

The Bank of England announced in March that it planned to run a Proof of Concept (PoC) with Baton Systems, Clearmatics, R3, and Token. The purpose of the PoC was to understand how the Bank’s renewed Real-Time Gross Settlement (RTGS) can support Distributed Ledger Technology (DLT). The RTGS will not use DLT at its core, so this PoC was an integration test. The result of the PoC was that the four participating companies confirmed that the renewed RTGS would work for them. The RTGS will enable their systems to connect and achieve settlement to central bank money.

What’s the point?

In the near future, many transactions will be tokenized. That’s not necessarily referring to cryptocurrencies, more like tokens that represent fiat currencies like Pounds Sterling or dollars.

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