Bank of England Will Test Blockchain Technology

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According to the bank’s statement, BOE will ‘undertake a proof-of-concept (PoC) to understand how the renewed Real Time Gross Settlement (RTGS) service could be capable of interacting with Distributed Ledger Technology (DLT)’. RTGS will enable transactions to be settled at the time of processing on a one-to-one basis without linking with any other transaction. The bank will partner with Baton Systems, Clearmatics Technologies Ltd, R3, and Token to develop payment solutions based on innovative technologies.

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