Royal Bank of Scotland is testing a private blokchain Ethereum

According to media reports, the Royal Bank of Scotland completed the development of settlement and the clearing mechanism, which uses private blokchain Ethereum. To automate the process also uses smart contracts.

"Test results have shown that the system capacity reaches 100 per second payment and transaction processing time was from 3 to 8 seconds. During the test to simulate the work of 6 banks. This level is sufficient to use the prototype as the national domestic payments system, "- said in a statement the bank.

It is interesting that in the coming months, the Royal Bank of Scotland plans to release the project code. According to the developers, the creation of a national system of internal payments based blokchain exceeded all expectations, and its provision of public will lead to modifications and improvements.

Earlier, representatives of the Bank of England announced their intention to introduce blokchain technology into its payment system by 2020. As the spokesman of the bank, will be used in blokchein gross settlement system of payments in real time. To date, the volume of payments it reaches $ 600 billion on a daily basis.