Bank of England releases new paper on Ripple use cases

2023-08-02 14:43:03

The Bank of England (BoE) has released a new paper that explores the use of Ripple’s Interledger Protocol for synchronized settlement of payments.

The new step taken by the Bank of England shows the increasing interest of central banks in blockchain technology. The paper is titled “Ripple: Exploring the Synchronized Settlement of Payments using the Interledger Protocol.”

The BOE believes that Ripple protocol could significantly impact the cross-border payments industry by allowing synchronized settlement across multiple ledgers. The protocol could connect different payment networks, like financial institutions and digital assets.

The main purpose of the protocol is to create a fast and efficient payment eco. The paper shows the results of implementing Ripple’s protocol by the Bank of England with the RTGS s.

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