Bank of England Fintech Accelerator Partners with PwC on distributed ledger Proof of Concept
June 20, 2016A team of PwC’s specialists in DLT and testing worked alongside the Bank to design and carry out a Proof of Concept to investigate the capability of distributed ledger technology – which creates a single shared view of transactions, allowing every participant simultaneous access to a shared view of information.
The Proof of Concept was built to explore the potential opportunities and challenges of using DLT for payments settlement.
Nick Bouch, financial services data leader and partner at PwC, said:
“This is a significant piece of work and PwC are very excited to have been able to support the Bank in developing their first DLT Proof of Concept, which will enable the Bank to gain a better awareness of DL from both a technology and policy perspective.”
Rob Elsey, Chief Information Officer for the Bank of England, said:
“This Proof of Concept brought to life the core features of distributed ledgers, greatly enhancing the Bank’s understanding of DLT. With PwC’s support, the Bank’s developers used the latest techniques and software to deliver this POC and have gained further skills that will enable additional rapid Proof of Concepts in the future.”
For more information on blockchain please visit PwC
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This cooperation promises to bring transparency of money coming in and out of the bank.
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PwC will provide technical support and expertise to the Bank of England Fintech Accelerator team as they develop the proof of concept. The project will involve the development of a prototype system that demonstrates the potential benefits of using DLT in regulatory reporting.
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