CandleFocus Blockchain Revolution: The Regulated Liability Network’s Impact on UK Finance
2024-09-18
Author: Content Editor
A blockchain-powered ledger called the Regulated Liability Network (RLN) has the potential to revolutionize the UK's $14.5 trillion payments sector, according to UK Finance. After a successful experimental phase with 11 major banks, the RLN is expected to reduce fraud, lower costs from failed payments, and support programmable payments. The RLN also offers a platform for tokenized assets and central bank digital currencies, as well as interoperability across different payment systems. Collaboration with regulators is crucial for continued development, and the RLN aims to reduce fraud in online transactions and improve processes such as home-buying. The UK is actively exploring blockchain and tokenization technologies to strengthen its finance sector.
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