NEW: A project by BIS_org and bankofengland has successfully tested the use of distributed ledger technology in settling large interbank transactions on RTGS systems. iamsandali reports
The Bank of England ran"Project Meridian" through the Bank for International Settlements' London innovation hub to build a prototype that could potentially speed up and reduce costs of transactions in central bank Real-Time Gross Settlement systems.
The project used DLT to link the central bank’s RTGS system"with other financial market infrastructures and ledgers automatically orchestrating the exchange in ownership of funds and assets in a resilient and secure way," according to a statement issued by BIS, which groups the world's central banks.
DLT systems that help keep records of and verify crypto transactions have inspired innovation in traditional finance, with banks around the world exploring how the technology could potentially improve the efficiency of interbank transactions or even power digital versions of sovereign currencies. However,Meridian is one of
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