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BoE Integrates Blockchain Proof-of-Concept in its Payment Settlement Service

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Tue, 3/04/2018 - 8:40
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BoE Integrates Blockchain Proof-of-Concept in its Payment Settlement Service
Cover image via U.Today
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The Bank of England plans to use a Blockchain tech for their real-time gross settlement (RTGS) service.

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The testing  Real Time Gross Settlement service can allow users to transfer money from one bank to another without annoying waiting period. However, RTGS cannot be used to send money from other accounts and once the transaction is completed it cannot be reversed.

RGTS could be compatible with innovative payment technologies, including built-in distributed ledger technology (DLT). The renewed service integrates proof-of-concept (PoC) approach.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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