PwC has announced a 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.
PwC financial services data leader and partner Nick Bouch 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."
The Bank of England chief information officer Rob Elsey 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."