The Bank of England has announced the selection of ten projects to participate in its Synchronisation Lab. The Lab will start in Spring and run for approximately six months, aiming to validate the design models used to share data with the RTGS system and illustrate the range of applications it could support. It will also allow participants to prepare for potential future usage.
As part of Project Meridian, the central bank has previously demonstrated how tokenization and DLT projects can settle atomically using central bank money, synchronizing with the real time gross settlement (RTGS) system.
Users of the Synchronisation system are not limited to RTGS account holders. DLT operators and their users will also be able to participate, although at this stage it is purely a simulation rather than a live system. Eighteen companies are involved in the ten projects, including multiple financial market infrastructures and well known DLT firms.
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