According to Bloomberg, UK Finance, a British financial industry body, is expanding its pilot of an experimental shared ledger to track bank payments, hoping to connect some key points in the early stages of digital assets. The trial is the latest step in creating a viable commercial system that all banks can use for tokenized deposits and securities. By recording more assets as tokens on a unified blockchain, the goal is to make cross-border and systemic transactions easier and faster, reducing the chances of errors and fraud. Gilbert Verdian, CEO of Quant, said the latest pilot began in February and that companies are expected to use the test platform within two to three years and then commercially implement the technology. The results of the pilot will be announced in August. Fintech startups and technology companies will join the program in July to begin testing new products based on tokenized commercial bank currencies.
