Bank of England eyes saving of ‘tens of billions’ by using blockchain

The Bank of England is continuing to explore ways that it can leverage distributed ledger technology for payments, clearing and settlement.

In a speech yesterday, governor Mark Carney said it “could yield significant gains in the accuracy, efficiency and security of such processes, saving tens of billions of pounds of bank capital and significantly improving the resilience of the system.”

A distributed ledger – also known as blockchain – is the technology behind cryptocurrencies like Bitcoin. It is essentially an electronic ledger of records which are organised into data batches, called blocks, which automatically reference one another, forming an unbroken chain which theoretically cannot be tampered with as it is ‘distributed’ and does not reside anywhere central.

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