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BIS, Bank of England Concludes Blockchain Int’l Settlements Pilot

The Bank of England and the Bank for International Settlements (BIS) London Innovation Centre have successfully tested their blockchain-powered settlements system, Project Meridian, between the central banks. The pilot project saw banks complete a house purchase in Wales and England through the synchronization network using distributed ledger technology (DLT), and insights from the project will be used by the Bank of England in its Real-Time Gross Settlement (RTGS) system. The synchronization network and RTGS system using APIs could be extended to other asset classes, such as foreign exchange, and reduce the time, costs, and risks of transactions. The system aims to provide a settlement system for central bank digital currencies (CBDCs), but there are reservations about its possible use, including identity verification mechanics and legal questions about the final point of irrevocability of settlement and digital representation of asset ownership.

(By DAVID ATTLEE)

BIS Blockchain
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