The Bank of England plans to upgrade its payment system by 2020, hoping to make the old system work with blockchain

The Bank of England (BoE) has been in the spotlight in the blockchain industry. In order to improve its payment system, the Bank of England plans to upgrade the technology by 2020年The central bank payment system handles up to 6000亿美元in transactions every day, and distributed ledgers will become an integral part of this new system. But it is not easy to make the traditional system and blockchain work together.

A Bank of England spokesperson told Reuters recently that the central bank's real-time payment settlement system needs to be "injected" with some new technologies, including the direct application of distributed ledgers, if the technology can achieve the expected results. For some people, it is only a matter of time.

It is worth mentioning that among all financial institutions in the world, the Bank of England is the most active researcher and explorer of blockchain technology. Distributed ledgers can provide more efficient payment and securities settlement processes. Similarly, banks can also adopt this technology to save their core payment systems.

Meanwhile, the Bank of England is also researching its own digital currency. Although the issuance plan has been temporarily shelved, the relevant research and technological development are still being carried out in secret. Whether a national digital currency is a good idea remains to be seen.

Although the Bank of England is actively exploring the compatibility of blockchain with its internal systems, there are still constant doubts about the advantages of blockchain. After all, distributed ledgers are still in their early stages of development and a lot of research and development work is needed to mature them.

In any case, the Bank of England's move has a positive effect on the development of blockchain technology. To some extent, the Bank of England has recognized the huge potential of blockchain technology in the banking ecosystem. At the same time, further research and development of blockchain cannot be ignored. The future of blockchain is bright, but the time is not yet ripe.