The new payment system of the Bank of England will work with the blockchain

In 2020, the Bank of England will start a new payment system. Representatives of the organization promise to be able to work with companies that use distributed registry technology. Such a measure will help to develop the blockchain industry in the United Kingdom.

The real-time gross settlement system (RTGS) will be updated by 2020 and will receive new levels of protection against cyberattacks and will allow a wide range of companies to work directly without intermediaries. At the moment, 500 billion pounds are paid annually through RTRSt, which is one third of the total GDP of Great Britain.

In March, the Bank of England, in conjunction with the blockchain company Chain, presented a concept of secure transactions, which describes the possibility of providing users with access to data in an absolutely secure network. The regulator attracted the attention of several local companies to check the system. The regulator invited several local fintech-companies to test the system.

“All participants confirmed that the functionality offered by the renewed RTGS service would enable their systems to connect and to achieve settlement in central bank money,” he said.

Among other recommendations is the use of “cryptographic evidence” to prevent theft and data falsification.

In June, it also became known that the central bank of Great Britain plans to restructure the real-time settlement system (RTGS) for interaction with private business and blockchain-platforms.

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