UK Central Bank Collaborates with Firms for DLT Settlement Testing

A six-month pilot by the UK Central Bank aims to explore on-chain solutions for core markets, involving banks and Web3 firms.

The Bank of England has initiated a six-month pilot program aimed at evaluating the functionality of distributed ledger technology (DLT) within the UK’s financial markets. This initiative brings together a diverse group of participants, including market infrastructure providers, traditional banks, and Web3 enterprises.

By leveraging the capabilities of DLT, the pilot seeks to explore how essential market operations can transition to an on-chain environment, potentially revolutionizing the way transactions are managed and settled across the UK financial landscape.