Bank of England to trial a new distributed ledger system

Bank of England performs a trial run of their new proof-of concept system for real-time gross settlement
28 March 2018   688

Future-proofing the operations has been a long hard quest for the banking institutions around the globe, and eve more so since the emergence of the cryptocurrencies. And now the next step forward has been made by Bank of England. As part of their proof-of-concept network for real-time gross settlement they are trialing the use of distributed ledger technology (DLT).

Back in 2017 Bank of England has first revealed that they were working on using DLT for near-instant transaction system. Though, at that tie they were adamant, that such a technology can't be the sole driving force for such application. Now, they are backtracking a bit, stating that while nowadays DLT is not yet sufficiently mature, they will endeavor to develop it for the time when it gains a more widespread adoption.

The trial run is to see how distributed ledger-based system performs for the real-time gross settlement service, and if it performs well enough to be used on the permanent basis.

In broader sense, such a move can represent a more amiable stance toward blockchain as a whole for the UK central bank in the near future.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.