The
Bank of England has updated its payment system using distributed ledger technology in order to boost the development of blockchain in Britain.
BoEs is aiming to modernize its Real-Time Gross Settlement system (RTGS) which is necessary for banking and trading in Britain. It also manages the transaction worth of £500 billion yearly, or handle a third of the country’s economic output. However, the updated system is to be launched in 2020 with challenging to cyber-attacks. Therefore it can also be widely available to all small business.