The Bank of England announced its intention to test the concept of a real-time gross settlement (RTGS), which can connect to networks of distributed registries.
Last year the U.K. central bank announced the beginning of creation the compatible with blockchain technology services. However, it won’t be placed on the blockchain entirely.
“Although the Bank has concluded that distributed ledger technology (DLT) is not yet sufficiently mature to provide the core for the next generation of RTGS, it places a high priority on ensuring that the new service is capable of interfacing with DLT as and when it is developed in the wider sterling markets,” said in the Bank of England statement.
Also, the project participants will explore the possibilities of “innovative settlement systems”, such as the blockchain system for interacting with the alleged “updated” RTGS service. The project participants are Baton Systems, Token, R3 and Clearmatics.
Among other things, during the tests, it is planned to determine the possibilities of functional expansion of the service using new technologies.