11/7/2017
Bank of England tests new payment method
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Blockchain
Bank of England tests new payment method Settlement on computing platform marks important moment for blockchain community
Bank of England governor Mark Carney has said that system changes are needed to help handle new demands as the financial industry evolves © PA
37 MINUTES AGO by: Martin Arnold, Banking Editor
The Bank of England has carried out a successful test of an “interledger” programme developed by Ripple, the California-based blockchain specialists, to synchronise a payment between two central banks’ systems. The test did not involve real money, nor any of the BoE’s core systems, or even use blockchain technology itself. However, the proof of concept announced on Monday evening marks an important moment for the blockchain community. “This is really about connectivity between central bank systems rather than replacing the central bank systems with the blockchain,” Daniel Aranda, head of Europe at Ripple, told the FT. “It allows money to move between countries nearinstantaneously and without settlement risk.”
https://www.ft.com/content/a8d997a0-6605-11e7-8526-7b38dcaef614
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