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. This project is one among the four other projects that were unveiled today, and every other project highly focuses upon financial information processing.
The officials from the Bank of England have said to be working with many numbers of startups and other companies, regarding the blockchain application and its accelerator, which were said to be launched last year. Among the last year release, the RTGS (real time gross settlement) trial involving the kind of technology that was developed by Ripple, in association with an asset exchange type of pilot that involves with the PwC.
Andrew Hauser, the executive director of the central bank, said in his recent speech to the Fintech firms that is located in Cambridge that the new pilots can be used to make payments, banking and other financial resilience in a completely new method.
The PoC shall examine the complete extent until which the based systems can be configured to enable privacy amongst their participants, and by keeping the data upon the shared ledger; and by making one them among the holy grails belonging to the DLT designs.
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.