BIS, Bank of England concludes blockchain int’l settlements pilot
The insights of Project Meridian would be used by the Bank of England in its Real-Time Gross Settlement (RTGS) system. The Bank of England and the Bank for International Settlements (BIS) Innovation Hub London Center have tested a blockchain-powered settlements system between the central banks. The insights of Project Meridian will be used by the Bank of England in its Real-Time Gross Settlement (RTGS) system. On April 19, the official site of the BIS published a report about the joint pilot project with the Bank of England called Project Meridian. According to the 44-page document, banks have successfully made a house purchase in Wales and England through the synchronization network using distributed ledger technology (DLT). As the report states, the messages sent between the synchronization network and RTGS system using APIs provide a generic interface that could be “relatively easily” extended to other asset classes, such as foreign exchange. This could reduce the time, costs and...