Bank of England releases consultation paper on blockchain

UK’s central bank aims to achieve a next-generation settlement system blockchain-compatible called the Real-Time Gross Settlement (RTGS) service. According to the Bank of England, the RTGS system essentially constitutes the foundation of what it does as a central bank. The bank began the process of looking at how the system could be increased, upgraded or outright replaced at the beginning of 2016.

The paper’s authors agree that the development of new types of financial technologies means that any real-time payment system created by the central bank will need to be able to handle some kind of integration.

During a recent event in London, a bank’s representative said that the institution is thinking about founding of a startup accelerator focused on financial applications. As part of this project, the bank focuses in part on the prospect of a central bank-issued digital currency.

According to CoinDesk, Bank of England said it sees a role for the real-time payment system in providing those fintech applications with a reliable and fast-moving source of information.