The trade organization UK Finance has stated that the use of blockchain technology in the payment and settlement registry could revolutionize the UK’s financial industry, valued at $14.5 trillion. Introducing blockchain into settlements promises to significantly improve transparency, speed, and security in financial transactions. It would allow banks and other financial institutions to minimize transaction costs and enhance asset management.
Such a registry would simplify interactions between various financial organizations by providing access to a unified and immutable database of all transactions. In the long term, this could create a more efficient system for international settlements by integrating digital assets and traditional currencies.
The use of a blockchain registry is expected to accelerate the adoption of innovative financial technologies (FinTech) in the country, creating conditions for the further growth and development of the sector.
