{"id":29382,"date":"2024-09-17T15:00:41","date_gmt":"2024-09-17T12:00:41","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29382"},"modified":"2024-09-17T11:54:54","modified_gmt":"2024-09-17T08:54:54","slug":"uk-finance-proposes-blockchain-based-ledger","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/uk-finance-proposes-blockchain-based-ledger\/","title":{"rendered":"UK Finance Proposes Blockchain-Based Ledger to Enhance $14.5 Trillion Payment System"},"content":{"rendered":"

With a ledger based on blockchain technology, UK Finance<\/strong>\u2014the trade group for finance in the United Kingdom\u2014may greatly improve the nation’s financial industry, which handles $14.5 trillion<\/strong> in payments yearly. Following the Regulated Liability Network (RLN)<\/strong>, a blockchain-based ledger meant to enable central bank digital currencies (CBDCs) and tokenized assets, this comes following the successful experimental phase of the network.<\/p>\n

UK Finance<\/strong> underlined in its Sept. 17 statement that the RLN may inspire creativity and bring fresh financial capabilities including programmable payments. Working with eleven big banks, the experimental phase included cooperation; UK Finance is now advocating further interaction with public entities and authorities to advance the RLN. The trade organization thinks the RLN might cut fraud and help to lessen failed payment expenses.<\/p>\n

Emphasizing that a cooperation with authorities is essential to make this a reality, Jana Mackintosh, managing director of payments for UK Finance, says the private sector is ready to invest in the future of commercial bank money.<\/p>\n

Designed to help commercial banks handle the $14.52 trillion<\/strong> in payments handled yearly in the UK, the RLN makes use of distributed ledger technology (DLT.). Along with allowing banks to record, move, and settle money, the platform would let them tokenize, programmable payments, lock and unlock money.<\/p>\n

The RLN studies revealed among other important results that the platform might give new financial enterprises a “common point of access,” therefore allowing them to interact with incumbent institutions and payment systems. Particularly in preserving the “singleness of money” and advancing innovation inside the UK payments sector, the RLN also fits the objectives outlined in the July discussion paper of the Bank of England.<\/p>\n

Beginning in April, the tests included influential members of the financial industry like Visa, Citi, HSBC, and Barclays.<\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our<\/span><\/i> Telegram,<\/span><\/i><\/a> YouTube<\/span><\/i><\/a>, and<\/span><\/i> Twitter<\/span><\/i><\/a> channels for the latest<\/span><\/i> news<\/span><\/i><\/a> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

With a ledger based on blockchain technology, UK Finance\u2014the trade group for finance in the United Kingdom\u2014may greatly improve the nation’s financial industry, which handles $14.5 trillion in payments yearly. Following the Regulated Liability Network (RLN), a blockchain-based ledger meant to enable central bank digital currencies (CBDCs) and tokenized assets, this comes following the successful<\/p>\n","protected":false},"author":6,"featured_media":29385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1],"tags":[192,8651,3087],"class_list":["post-29382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","tag-blockchain","tag-payment-system","tag-uk-finance"],"yoast_head":"\nUK Finance Proposes Blockchain-Based Ledger to Enhance $14.5 Trillion Payment System - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/uk-finance-proposes-blockchain-based-ledger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Finance Proposes Blockchain-Based Ledger to Enhance $14.5 Trillion Payment System - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"With a ledger based on blockchain technology, UK Finance\u2014the trade group for finance in the United Kingdom\u2014may greatly improve the nation’s financial industry, which handles $14.5 trillion in payments yearly. 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