Updated payment system of the Bank of England – the Central Bank of the UK will be able to use FINTECH companies working with the technology of the blockchain. It will enhance protection from cyber attacks and expand the number of businesses that can use it.
We are talking about an updated system of gross settlement in real time (RTGS), which will begin work in 2020. Annually using RTGS payments are for 500 million pounds, representing a third of the total UK GDP.
In order to know what changes will be needed for the proposed upgrade of the RTGS, the Bank of England, in partnership with blockchain startup Chain, announced in April on creating a proof of concept (PoC) study support privacy in the network on the basis of the distributed registry. The ability of the regulators access to the data was preserved.
«All participants confirmed that the functionality offered updated service RTGS will enable their systems to connect and make payments with the Central Bank», – reads the statement of the Bank of England.
According to its representatives, the Bank received numerous recommendations to optimize the process of access to the system, in particular the use of «cryptographic proof» which will prevent theft and falsification of data.