Updated payment system of the Bank of England will launch in 2020 and, as they say representatives of the organization will be able to work with firms that use the technology of the distributed registry. About it reports Reuters.

This step will help the development of the blockchain industry in the United Kingdom.

The system of gross settlement in real time (RTGS) will be updated to 2020 and will have new protection against cyber attacks, but also allows a wide range of companies to work directly, without intermediaries. At the moment using RTGS payments annually, 500 billion pounds, accounting for a third of the total UK GDP.

In March, the Bank of England in partnership with the blockchain-a Chain company presented a concept of secure transactions, which describes the ability of users to access data in a completely secure network. To test the system, the regulator has attracted several local FINTECH companies.

“All participants confirmed that the functionality provided by the upgraded RTGS system allows you to use their platform and carry out financial transactions with the Central Bank. We received a lot of recommendations on optimization of the process of access to the system”, — reads the statement of the Bank of England.

Among these recommendations is the use of “cryptographic proof” to prevent theft and falsification of data.

It is noteworthy that last year the Bank of England called the blockchain technology is too flawed to use in RTGS.