IPS-X | Distributed Ledger-based Gross Settlement System

Service: Distributed Ledger-based Gross Settlement System

Responsible organisation: Bank of England (Governmental)

The Bank of England wants to open its interbank settlement service to blockchain technologies as part of a major revamp of the system. The bank is not suggesting that U.K. banks should begin processing bitcoin payments as a matter of routine. However, it does want the replacement for its aging real-time gross settlement (RTGS) system to be ready for whatever the industry is likely to throw at it when it goes into service in 2020. It identified five key strategic drivers for the new RTGS system in a consultation document, "A new RTGS service for the U.K.: safeguarding stability, enabling innovation". Among them, it lists the need to interface with new technologies such as distributed ledgers. These are often referred to as blockchains, and include systems such as bitcoin and Ethereum. In the bank's view, these systems -- and, indeed, the entire concept of distributed ledgers -- are still in their infancy, but if they achieve critical mass, it wants to be ready for them.

Additional information

Source	EU Blockchain Observatory and Forum - Initiatives Map
Web site	https://www.bankofengland.co.uk/research/fintech/proof-of-concept
Start/end date	2017 -
Still active?	Yes

Related cases

Service	Similarity	Relationships
Nidi gratis	30%	IT CS ST
Tracciabilità filiera	20%	IT CS
Atelier de calcul IFT	30%	GE CS ST
ARPENT(examen)	30%	GE CS ST
ARPENT(résultats)	30%	GE CS ST
BourseSCO	30%	GE CS ST
Lyon : Mon compte	10%	ST
demarches-simplifiees.fr	20%	GE ST
Dossier Social Étudiant	30%	GE CS ST
Mes aides	20%	GE ST
MPS	20%	GE ST
Déchets malins	10%	ST
RenCircul	10%	ST
Simulateur d'embauche	30%	GE PS ST
Télépoints	20%	GE ST
pagoPA	30%	GE PS CS
IO App	30%	GE CS ST
18app e Carta Docente	30%	GE CS ST
ANPR	30%	GE CS ST
Data & Analytics Framework (DAF)	30%	GE CS ST
dati.gov.it	30%	GE CS ST
Docs Italia	30%	GE CS ST
Fatturazione Elettronica	20%	GE PS
OTELLO 2.0	30%	GE PS ST
SPID	30%	GE CS CB
Blockcerts academic credentials	40%	IT GE CS CB
Chromaway property transactions	20%	IT GE
uPort decentralised identity	20%	IT CS
Infrachain governance framework	40%	IT GE CS CB
Pension infrastructure	40%	IT GE CS ST
Stadjerspas smart vouchers	20%	IT CS
Blockchain pilot - Open Data notarization & change protocol	20%	IT CS
Blockchain pilot - Digital food voucher	20%	IT ST
Austrian Federal Government's Finance Agency, Oesterreichische Kontrollbank	40%	IT GE PS ST
BeSure - Demonstrability Service	30%	IT GE CS
FlowBikes	20%	IT GE
A digital talent profile for maximum development	10%	IT
Privacy engine Antwerp City Platform as a Service	20%	IT CS
i-Voting	20%	IT GE
X-Road Interoperability Services	30%	IT GE CS
Health Records	20%	IT GE
Blockchain-based Keyless Signature Infrastructure (KSI)	30%	IT GE CS
GIZ Blockchain Lab	40%	IT GE AC CS
Blockchain as Digital Enabler for the European Federalism in the Asylum Context	30%	IT GE CB
Blockchain & Virtual Currencies Working Group	40%	IT GE PS CB
Securing the Internet of Things	30%	IT GC CS
Digital Currency Business Register	40%	IT GC PS ST
New solutions for the traceability of Italian food products	20%	IT GE
DOGANA 4.0	20%	IT GE
Food fraud and falsification of Made in Italy	20%	IT GE
Decentralised Digital Identity Pilot	30%	IT GE CS
Execution of a judicial decision of juvenile court	20%	IT GE
Toxic Waste Transport	20%	IT GE
Public Healthcare Benefits Subsidy	30%	IT GE ST
Healthcare Process Authorization	20%	IT GE
FlashCompany	40%	IT GE CS ST
Blockchain-based Land Registry	20%	IT GE
Truck Driver Tracking	20%	IT GE
Financing New School Buildings	30%	IT GE ST
Electric Vehicle Subsidy Registry	20%	IT ST
Medical Instrument Registration	30%	IT GE ST
Employment and Identity Fraud	20%	IT GE
Multi-stakeholder Financial Arrangements	30%	IT GE PS
Large Event Permitting	20%	IT ST
Waste Sector Data Sharing	20%	IT ST
Blockchain-based Digital Identity: Do-it-Yourself Marriage	30%	IT GE CS
Aid Subsidy Collection	20%	IT ST
IoT & Blockchain Lab	20%	IT AC
TrustForWills	30%	IT GE ST
Distributed Open Data Portal	20%	IT CS
Decentralized Energy Trading Marketplace	20%	IT CB
e-Government Pilot Project	20%	IT CS
Swiss Cryptovalley	30%	IT PS AC
City of Zug Blockchain Voting Trial	20%	IT CS
e-Auction 3.0	30%	IT GE PS
Project Maison	50%	IT GE GC PS ST
GovCoin Proof of Concept	50%	IT GE GC CS ST
RMG® The New Digital Gold Standard	50%	IT GE GC PS ST
Food Standards Agency	30%	IT GE GC
Open Data Österreich	20%	GE CS
Austrian geodata catalogue	10%	GE
Data.gov.be	20%	GE CS
geo.be	10%	GE
geo.brussels	10%	CS
Flanders open data catalogue	10%	CS
FRIS Onderzoeksportaal	10%	CS
Gent Open Data Portaal	10%	CS
Open Data Bulgaria	20%	GE CS
Bulgaria National Geoportal	10%	GE
European Centre for Medium-Range Weather Forecasts (ECMWF)	10%	CB
European Marine Observation and Data Network (EMODNET)	10%	CB
YourDataStories	10%	CS
Croatia National Geoportal	10%	GE
Cyprus National Geoportal	10%	GE
Access to Registers of Economic Subjects / Entities (ARES)	30%	GE PS CS
Czech Cadastre Web Services	10%	GE
Czech National Opendata Catalogue	20%	GE CS
Geoportal ČÚZK	10%	GE
Czech Mapybezbarier	10%	GE
Czech TARIC Custom Administration	20%	GE PS
Open Data CEDR III	10%	GE
Denmark Adresses Web API (DAWA)	10%	GE
Denmark Central Company Registry	20%	GE PS
Denmark Customs and Tax Administration	20%	GE PS
Datafordeler.dk	20%	GE CS
Denmark geodata	10%	GE
Danish Map Supply service	10%	GE
Denmark National Service Platform (NSP) healthcare	20%	GE CS
Denmark Environmental Portal	10%	GE
Denmark Statistics	10%	GE
Estonia Center for Health and Welfare Information Systems	10%	GE
Estonia Company Registration (RIK)	20%	GE PS
Estonia geodata	10%	GE
Copernicus Open Access Hub	10%	CB
Digital Agenda Key Indicators	20%	CS CB
EU Open Data Portal	20%	CS CB
European Chemicals Agency (ECHA) IUCLID chemical substances	10%	CB
European Chemicals Agency (ECHA) QSART	10%	CB
Council of the European Union	10%	CB
European Court Database (CDB) Application Programming Interface (API)	10%	CB
European Court Database (ECB) SDMX 2.1 RESTful web service	10%	CB
European Data Portal	20%	CS CB
European Environmental Agency (EEA) public map services	10%	CB
European Participant Portal Application Programming Interfaces (APIs)	10%	CS
European Single Procurement Document (ESPD)	10%	CB
European Skills, Competences, Qualifications and Occupations (ESCO)	10%	CB
Sparql and RESTful API access to European Union law and publications (CELLAR)	10%	CB
An API for European Union legislation	10%	CB
Europeana REST API	20%	CS CB
EUROSTAT REST API	10%	CB
EUROSTAT NUTS SPARQL endpoint	10%	CB
FOODIE APIs	10%	CB
GISCO data distribution API	10%	CB
GODAN API-AGRO	10%	CB
Historic EU payments	10%	CS
IATI Registry	10%	CB
It's Your Parliament (Itsy)	10%	CB
LobbyFacts.eu	10%	CB
Trusted List Browser	10%	CB
INSPIRE ETF Web API	10%	CB
INSPIRE Geoportal	10%	CB
Finland Open Data Catalogue	20%	GE CS
Finland INSPIRE data catalogue	10%	GE
Suomi.fi API	20%	GE CS
data.gouv.fr	20%	GE CS
Déclaration Sociale Nominative (DNS) API	10%	GE
API Entreprise	20%	GE PS
France INSPIRE data catalogue	10%	GE
API Sirene	20%	GE PS
Paris Data	10%	CS
Open Data Rennes	10%	CS
Berlin SimpleSearch API	10%	CS
GENESIS web service interface (API)	10%	GE
Germany INSPIRE data catalogue	10%	GE
Leipzig Open Data Catalogue	10%	CS
Munich Transparent	10%	CS
Leipzig Corpora Collection (LCC)	10%	GE
data.gov.gr	20%	GE CS
Di@vgeia - Open Data API	10%	GE
geodata.gov.gr	10%	GE
YPEN geoportal	10%	GE
Hungary INSPIRE data catalogue	10%	GE
Iceland INSPIRE data catalogue	10%	GE
data.gov.ie	20%	GE CS
Ireland INSPIRE data catalogue	10%	GE
LUAS Forecasting API	10%	GE
dati.gov.it	20%	GE CS
Italy Data of 'Repertorio Nazionale Dati Territoriali'	10%	GE
Italy Lombardy Open Data	10%	CS
Italy Milano Data	10%	CS
YUCCA Smart Data Platform	10%	CS
ComunWeb platform	10%	CS
Latvian INSPIRE data catalogue	10%	GE
Liechenstein INSPIRE data catalogue	10%	GE
Lithuania INSPIRE data catalogue	10%	GE
Luxembourg INSPIRE data catalogue	10%	GE
LuxHub banking API platform	10%	PS
National Library of Luxembourg Open Data Platform	10%	GE
Malta INSPIRE data catalogue	10%	GE
City Dashboard Amsterdam	10%	CS
Antwerp City Platform as a Service (ACPaaS)	10%	CS
Eindhoven Open Data	10%	CS
data.overheid.nl	20%	GE CS
Netherlands INSPIRE data catalogue	10%	GE
Netherlands National Library	10%	GE
OpenKvK API	20%	GE PS
PDOK Location server	10%	GE
Dutch Railways (NS) API	10%	GE
Netherlands Rijksmuseum API	10%	GE
Dutch Education data	10%	GE
Norway INSPIRE data catalogue	10%	GE
Poland INSPIRE data catalogue	10%	GE
Web Service TAX FREE	20%	GE PS
Portugal INSPIRE data catalogue	10%	GE
Transparency Portal of the Portugal National Health Service	10%	GE
Romania INSPIRE data catalogue	10%	GE
data.gov.sk	20%	GE CS
Slovakia INSPIRE data catalogue	10%	GE
Slovenia INSPIRE data catalogue	10%	GE
Aragón Open Data	10%	CS
Open Data BCN	10%	CS
Sentilo BCN - Plataforma de Sensors i Actuadors de Barcelona	10%	CS
datos.gob.es	20%	GE CS
Spain INSPIRE data catalogue	10%	GE
University of Alicante data	10%	CS
Zaragoza Open Data	10%	CS
Sweden INSPIRE data catalogue	10%	GE
Sweden OpenAid data	10%	GE
Sweden Parliament Open Dta	10%	GE
Stockholm Open Data Portal	10%	CS
Switzerland INSPIRE data catalogue	10%	GE
London DataStore	20%	GC CS
London Transport for London	10%	GC
The Guardian World gov data	20%	GC CS
UK AirQuality	20%	GE GC
UK BBC	20%	GE GC
data.gov.uk	30%	GE GC CS
UK Directgov Syndication	20%	GE GC
UK Find Your MP	20%	GE GC
UK Fish register	20%	GE GC
UK FSA Food Alerts API	20%	GE GC
UK Gateway to Research	30%	GE GC CS
UK Her Majesty Revenue and Costs (HMRC)	20%	GE GC
UK INSPIRE data catalogue	20%	GE GC
UK Institute development studies	30%	GE GC CS
UK Legislation	20%	GE GC
UK Local Government Association Effective Service Delivery	20%	GE GC
UK Meteo Office Weather Observations	20%	GE GC
UK National archives	20%	GE GC
UK National Health System Clinical Decision Support APIs	20%	GE GC
NextBuses API	20%	GE GC
UK Ordnance Survey	20%	GE GC
UK Police	20%	GE GC
DataShare - London Borough of Redbridge	20%	GC CS
UK Shrewsbury Museum	10%	GC
Aragon General Directorate of Contracting, Blockchain Project	30%	IT GE CS
Basque Government Blockchain project	30%	IT GE CS
V-ICT-OR Blockchain Project	30%	IT GE CS
Public Procurement Advisory Unit Blockchain Project	40%	IT GE GC CS
Government of Austria Blockchain Project	30%	IT GE CS
Digipolis Antwerp, Smart procurement tool	30%	IT GE CS
Malta Information Technology Agency (MITA), Smart Public Contracts	30%	IT GE CS
Ministry of Public Administration, Big data project	20%	GE CS
Procurement Monitoring Bureau, ZoomChart	20%	GE CS
Department of Mobility & Public Works, Medium for Economic Data, Information and Applications on Public Procurement (MEDIAAN)	20%	GE CS
Agjencia Erokurimit Publik, Business intelligence project	20%	GE CS
IT Directorate, Ministry of Public Administration, SKRINJA 2.0	20%	GE CS
Red flags	10%	CS
Agency for Public Management and eGovernment, Digital procurement program	20%	GE CS
Consip, Open data platform	20%	GE CS
ProZorro, Risk indicators	20%	GE CS
ProZorro, Bid prediction	20%	GE CS
ProZorro, CPV Prediction	20%	GE CS
DoZorro AI tool	20%	GE CS
Kommers (KAI) semantics check tool	20%	GE CS
ANAC, Machine learning tool	20%	GE CS
State Treasury eInvoicing plans	20%	GE CS
YPO, Procurement Information Provider	30%	GE GC CS
Hansel Oy, Explore state spending	20%	GE CS
Hansel Oy, eNest solution	20%	GE CS
Palkeet, RPA Project	20%	GE CS
Ministry of Finance, mTender	20%	GE CS
Deutsche Bahn, 3D Printing	20%	GE CS
Nederlandse Sporten, 3D Printing	20%	GE CS
Material Stock Logistic Command of the Dutch Army, 3D Printing roadmap	20%	GE CS
Agency for Nature and Forestry (ANB) and Department for Mobility and Public Works (MOW), Public spatial planning projects	20%	GE CS
Helsinki city council, Urban planning project	20%	GE CS
Digibygg, Digitised construction project	20%	GE CS
Statsbygg, Imerso pilot project	20%	GE CS
Competition and Markets Authority, Cartel screening tool	20%	GE CS
Estonian Blockchain Technology	40%	IT GE CS CB
SUVE	10%	GE
Kratid	20%	GE CS
Skrinja 2.0	20%	GE CS
PIANOo	30%	GE CS CB
Digiwhist - The Digital Whistleblower. Fiscal Transparency, Risk Assessment and Impact of Good Governance Policies Assessed	20%	CS CB
SATIKAS	10%	GE
Predictive System, Belgium	10%	GE
Chatbot UNA	10%	GE
SyRi (Systeem Risico Indicatie)	10%	GE
Unemployed Profiling	20%	GE CS
VeriPol	10%	GE
Covid-bot	10%	GE
Holiday rental housing fraud risk	10%	PS
Reporting issues in public space	10%	CS
BonnBot	10%	CS
Kamu	10%	GE
PatRek	10%	GE
Sigma	10%	GE
Travelbot	10%	GC
VeroBot	20%	GE PS
Bobbi	10%	CS
Stopp Corona App	10%	GE
Coronalert	10%	GE
Stop COVID-19	10%	GE
CovTracer	10%	GE
eRouška	10%	GE
Smitte \| stop	10%	GE
HOIA	10%	GE
Koronavilkku	10%	GE
StopCovid	10%	GE
Corna-Warn-App	20%	GE CB
VirusRadar	10%	GE
COVID Tracker	20%	GE CB
Immuni	20%	GE CB
Apturi Covid	10%	GE
Korona STOP LT	10%	GE
COVIDAlert Malta	10%	GE
CoronaMelder	20%	GE CB
Smittesstopp	20%	GE CB
ProteGO Safe	10%	GE
StayAway COVID	10%	GE
#OstaniZdrav	10%	GE
Radar Covid	10%	GE
Wheelmap	10%	CB
CloudOpting	10%	CB
EDUCLOUD - EduCloud Service Standard	10%	CB
ENERGIC OD - European NEtwork for Redistributing Geospatial Information to user Communities - Open Data	10%	CB
CAREWELL - Multi-level integration for patients with complex needs	10%	CB
SDI4Apps - Uptake of Open Geographic Information Through Innovative Services Based on Linked Data	10%	CB
BeyondSilos - Learning from integrated eCare practice and promoting deployment in European regions	10%	CB
HoPE - Holistic Personal public Eco-mobility	10%	CB
Peppol	20%	PS CB
Data Mill North (DMN)	20%	GE GC
The Leeds Bin App	10%	GC
Damp Busters - Bristol’s damp sensing frogs	10%	GC
City4Age - Elderly-friendly city services for active and healthy ageing	10%	GE
OpenBudgets.eu - Financial Transparency Platform for the Public Sector	20%	PS CB
URBAN-API	10%	CB
COMBI - Calculating and Operationalising the Multiple Benefits of Energy Efficiency Improvements in Europe	10%	CB
FLOBOT - Floor Washing Robot for Professional Users	20%	AC CB
FIRST - A Flexible Interactive Reading Support Tool	10%	CB
Signaturit - The smartest e-Signature solution to send and sign documents on the go	20%	IT CB
iMARECULTURE - Advanced VR, iMmersive serious games and Augmented REality as tools to raise awareness and access to European underwater CULTURal heritagE	20%	CB ST
BRIDGET - Bridging the gap for enhanced broadcast	20%	CB ST
DE-ENIGMA - Multi-Modal Human-Robot Interaction for Teaching and Expanding Social Imagination in Autistic Children	10%	GE
e-SENS - Electronic Simple European Networked Service	10%	CB
Smart sENsor Devices fOr rehabilitation and Connected health - SENDoc	10%	GE
ADVANCE - Advanced predictive-analysis-based decision-support engine for logistics	10%	CB
PROTEUS - Scalable online machine learning for predictive analytics and real-time interactive visualization	20%	CB ST
CITADEL - A-Stad (Antwerp use case)	10%	ST
Big Policy Canvas - Needs, Trends and ICT Tools for Advanced Data-Driven Public Sector	10%	GE
CITADEL - Empowering Citizens to TrAnsform European PubLic Administrations	30%	GE CS CB
ENLARGE - ENergies for Local Administrations: Renovate Governance in Europe	30%	GE CS CB
Mobile-Age	30%	GE CS CB
OpenGovIntelligence - Fostering Innovation and Creativity in Europe through Public Administration Modernization towards Supplying and Exploiting Linked Open Statistical Data	30%	GE CS CB
RECAP - Reliable Capacity Provisioning and Enhanced Remediation for Distributed Cloud Applications	30%	GE CS CB
SCOOP4C - Stakeholder community for once-only principle: Reducing administrative burden for citizens	30%	GE CS CB
SIMPATICO - SIMplifying the interaction with Public Administration Through Information technology for Citizens and cOmpanies	30%	GE CS CB
Smarticipate - Smart services for calculated impact assessment in open governance	20%	CS CB
TOOP - The Once Only Principle Project	30%	GE CS CB
WeGovNow - Towards We-Government: Collective and participative approaches for addressing local policy challenges	20%	CS CB
REBUILD	20%	GE CS
NADINE	20%	GE CS
WELCOME	20%	GE CS
DPER Robotic Process Automation (RPA) Pilot	10%	GE
Housing Assistance Payment Robotics Pilot	10%	PS