The Bank of
England, the UK's central bank, has added yet another blockchain proof-of-concept (PoC) to its growing fintech accelerator program.
The
institution is working with blockchain startup Chain on a data privacy pilot,
according to a new announcement. The project is one of four unveiled today, all
of which focus on financial information processing.
Bank of
England officials have been working with a number of startups and companies on
blockchain applications through its accelerator since it launched late last
year. Among those were a real-time gross settlement (RTGS) trial involving
technology developed by Ripple, as well as an asset exchange pilot involving
PwC.
In a speech
to fintech firms in Cambridge this morning, Andrew Hauser, the central bank's
executive director for banking, payments and financial resilience, highlighted
additional details about the new pilot.
"The PoC will examine the extent to which [distributed ledger technology] based systems can be configured to enable privacy amongst participants, whilst keeping data on a shared ledger: one of the holy grails of DLT design," he told event attendees.
The UK
central bank first voiced its interest in a blockchain data privacy pilot in
April. At the time, Bank of England governor Mark Carney said that the
institution wanted to explore "maintaining privacy in a distributed
ledger."
The Bank of
England is exploring multiple applications of the tech, including its use as a
basis for a central bank-issued digital currency – an area that a number of
central banks worldwide are also researching.
Source: Coindesk
Source: Coindesk
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