Blockchain got a boost in Britain after the venerable Bank of England said its payment system will be able to work with financial firms using distributed ledger technology.

Reuters reported Monday the bank wants its Real-Time Gross Settlement system to work with all types of firms, including those using blockchain, to promote Britain as a blockchain center against competition from elsewhere in Europe, particularly after the nation leaves the European Union.

Updating RTGS, which supports banking and trading in the nation’s financial center, the City of London, is expected to be completed by 2020. The updated system, said Reuters, will “strengthen defenses against cyber-attacks and widen the number of businesses” that can use RTGS. Read more here.

ThirtyK Staff
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