Blockchain Ledger Could Revolutionize UK’s $14.5 Trillion Finance Industry, Says Trade Body
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
A blockchain-based ledger for payments and settlements could transform the United Kingdom’s finance sector, which processes an astounding $14.5 trillion in payments annually.
UK Finance, the country’s leading finance trade body, recently praised the potential of the Regulated Liability Network (RLN) to drive innovation in the sector following a successful experimental phase.
The RLN, a blockchain-powered platform designed for central bank digital currencies (CBDCs) and tokenized assets, has shown significant promise, according to a report published on September 17 by UK Finance.
The trade group noted that the RLN could facilitate programmable payments, reducing fraud, and cutting the cost of failed transactions.
Key to the RLN’s promise is its ability to offer a secure and efficient system for recording, transferring, and settling payments.
It is primarily intended for use by commercial banks and can support various forms of digital money, including wholesale CBDCs and electronic money.
UK Finance emphasized that further collaboration with regulators and other public entities would be essential to fully unlock the network’s potential.
“The private sector wants to invest in the future of commercial bank money, and a partnership with regulators is the best way of successfully making this happen,” said UK Finance’s managing director of payments, Jana Mackintosh.
The RLN’s distributed ledger technology (DLT) provides a platform for innovation, according to UK Finance.
The trade body noted that the UK’s legal and regulatory framework
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