The Bank of England is testing the technology of the blockchain in the system of internal payments

The Bank of England creates a proof of concept (PoC) to explore the potential of the blockchain for the gross settlement system in real time (RTGS). This is because RTGS per day on average, it handles the amount making up almost a quarter of the annual GDP of the UK and should be able to continue to meet the demand from users.

ROS is part of the strategic plan of the Bank until 2020, the basis of which will be the «right technology». The concept also includes the API to the external interface and the increase in the number of companies that can directly access the RTGS to calculate the stream of payments.

Due to the fact that the development of the technology of the distributed registry is gaining momentum, the Bank of England is now working on the improvement of RTGS in cooperation with Clearmatics Technologies Ltd, Token, R3 and Baton Systems. All four organizations have access to the model pre-funded settlement service for UK retailers.

The aim of this work is to understand how to make payments when the technology of distributed registry will become «Mature enough» for the sterling market. In addition, the study aims to find out whether innovative calculations to work correctly within the framework of the RTGS and how their functionality can be expanded. It is expected that the results of the PoC will be published later this year, including recommendations on implementation of technology and the steps necessary to achieve this goal.

In July last year, the Bank of England published
details PoC developed for the implementation of international payments with Protocol Interledger from Ripple. The project was an international payment in two different simulated systems RTGS.

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