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Bank of England to Partner with PwC for Exploring an Opportunity with Blockchain

PriceWaterhouseCooper’s (PwC) Digital Technologies team announced a major project with the Bank of England on 17th June 2016. Both of them described concerned efforts to see if they could make fiat currencies like the British Pound Sterling work over a blockchain. The experiment created a proof of concept cryptocurrency that offered a single shared view of transactions allowing every participant simultaneous access to a shared view of information.

No other details about the inner workings of the blockchain that they created were given, except only that the partnership resulted in a successful exploration of the potential opportunities and challenges of using distributed ledger technology for payments and settlement. The news of their partnership comes at a time when many governments are starting to show demand for blockchain-based fiat currency. The Bank of Canada is the latest to claim that they are considering using blockchain for their own currency, which they are calling ‘CAD-Coin.’ Several other major banks including the Royal bank of Canada, the Bank of Montreal, CIBC, Scotiabank and TD Bank, are involved in the project, but this news is unique in that such large players as the Bank of England and PwC have partnered together, but independently, each has been heavily involved in blockchain research before.

News Characteristics

Date : Jun 18, 2016
Region : Europe
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation