Bank of England FinTech Accelerator partners with PwC on distributed ledger Proof of Concept  

Published at 10:59 AM on 17 June 2016

 

PwC’s Emerging & Digital Technologies team has today announced an exciting project undertaken with the Bank of England which provided technical expertise and support to the Bank’s own technology specialists on distributed ledger technology (DLT).

A 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:  https://www.pwc.co.uk/blockchain

ENDS

For more information contact David Jetuah

d[email protected]/ 02072121812

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

©2016 PwC. All rights reserved


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About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2016 PwC. All rights reserved

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