UK financial regulator creates blockchain application on R3 Corda
The main regulator of the UK financial market took part in the development of a new application using the Corda distributed ledger platform of the R3 blockchain consortium. Writes about this CoinDesk.
Information about the development of a prototype that will be used to account for collateral transactions appeared today. The UK Financial Conduct Authority (FCA), the Royal Bank of Scotland (RBS) and other banking organizations are participating in the development. The application allows regulators in real time to track updates to the system that keeps records of collateral transactions.
The fact that FCA is interested in technology that could enhance its oversight capabilities is not surprising. To date, FCA has attracted several startups to participate in its experimental environment, which allows testing financial products and services in a clearly limited framework..
Last year, FCA’s director of strategic planning, Chris Woodward, said blockchain is among the technologies the agency intends to use in app development..
“This area gives us an idea of how we can support ongoing developments, and possibly use certain solutions in our own regulatory environment,” he said..
Back in February 2016, FCA announced its intention to promote the development of startups working with financial technologies, including those that work with blockchain. In April, the regulator said that it does not see the need for the formation of new rules in the field of blockchain.
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