The United Kingdom’s central bank, known as the Bank of England, has recently added yet another PoC (blockchain proof-of- concept) to their upcoming Fintech accelerator program.
The institution has been working with their startup Blockchain Data Privacy Pilot, according to their recent press release. Among the four initiatives introduced today, this project stands alongside others that predominantly emphasize the processing of financial data.
According to reports, the Bank of England has been actively working alongside various startups and companies to explore blockchain applications and further develop its accelerator, which had been introduced the year before. Among the initiatives introduced last year was a real-time gross settlement (RTGS) trial that utilized technology developed by Ripple, alongside an asset exchange pilot involving PwC.
Andrew Hauser, executive director at the central bank, recently addressed fintech companies in Cambridge, stating that the new pilot initiatives have the potential to transform payments, banking operations, and financial resilience through entirely novel approaches.
The United Kingdom central bank even voiced their interest with the blockchain data privacy pilot during the month of April. During the announcement time, Mark Carney, the Governor of Bank of England reported that the institution was looking out ways to explore their privacy matters in a new distributed ledger.
The Bank of England has said to be exploring with multiple application under the technical department, which included its usage on the basis of a central bank issued type of digital currency. This is an area under which many number of central banks has been researching worldwide.
