In a recent collaboration with the London hub of the Bank of International Settlements (BIS), the Bank of England has initiated a pioneering venture, Project Meridian, which aims to examine the potential of distributed ledger technology (DLT) in improving the efficiency and cost-effectiveness of interbank transactions, particularly .
DLT, which forms the underlying technology behind blockchains, has transformed the landscape of decentralized finance and offers extensive applications beyond crypto. While its application to the traditional financial sector, as well as implementations for may be questionable because of its implications for decentralization, DLT is an open-sourced initiative from cryptographic research work.
DLT facilitates simultaneous access, validation, and record updating across a networked database. specifically focuses on digitizing the change in asset ownership through the use of a digital deed, which is time-stamped at the point of settlement finality, as detailed in a .
The BIS has been actively involved in several initiatives targeting innovation in the finance sector. Project Atlas, which is complementary to Project Meridian, is one such example. This project is geared towards developing an open-source platform that maps macroeconomic trends in the crypto sector and monitors asset flows to provide valuable insights and infor
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Author: Vince Dioquino
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