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Bank of England to look into distributed ledger tech for settlement

Friday 29 January 2016 09:52 CET | News

The Bank of England has indicated plans to consider the impact of distributed ledgers as part of a plan to modernize the country’s settlement system.

The blueprint will seek to answer four questions. These include defining the bank’s policy objectives, determining what functions the payment system should have, establishing who should be able to access the system and electing the right role for the Bank of England to play in the service’s delivery.

As for distributed ledger technology (DLT), the innovation poses challenges due to its ability to decentralize the verification of payments, with a communal ledger serving the role of a traditional third party.


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Keywords: Bitcoin, mining, cryptocurrency, digital currency, online payments, online security, online transactions
Categories: DeFi & Crypto & Web3
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