After issuing several statements regarding the benefits of Blockchain technology through Mark Carney, the Bank of England (BoE) has finally published Proof-of-Concept (PoC). PoC This blockchain will be used for possible analysis of data sharing features (Data Sharing) among users in a secure network. BoE partnered with Blockchain infrastructure provider Chain. This collaboration is devoted to checking for possible problems with the concept of the data sharing network.
Sharing Data Should Not Be Too Free
Although PoC has not been practically applicable in traditional financial systems, BoE and Chain are still working to improve the Blockchain network system for the future. Some things to be solved are the lack of privacy and security.
First of all, if Blockchain is too "Anonymous", then the risk of crime will rise drastically. One example can be seen in data exchange activities between the central authority and the regulator, which of course must be confidential. In addition, it is necessary to ensure that the parties in the consensus process do not have full visibility regarding the details of the transaction, in order to maintain security and comfort together.
Secondly, using the encryption technique does not necessarily guarantee full security from the dangers of hacking. One way to avoid it is to create a partially distributed network. This partial distribution will make the data only shared between the participants directly involved in each transaction.
Continue Assessing Possibilities, BoE Want to Keep Innovating
The Bank of England reports that the ideal way to implement is to increase privacy among users, with data being kept across the network. The study is also still in its early stages and is still being developed further.
The BoE representative said, "The system still needs to be explored further, especially with regard to scalability, transaction processing speed, and risks surrounding the security of cryptographic techniques used."
The PoC is among the 12 other innovations published by BoE on its website. BoE has previously partnered with other companies including Ripple, Enforcd, MindBridge Analytics Inc., PwC, and BitSight to find the best solution from adoption of Blockchain technology. In 2016, the BoE has also launched a program called Fintech Accelerator. This program is designed to find solutions to the problems faced by the Central Bank.
(https://www.seputarforex.com/bank-of-england-kevelop-poc-blockchain-to-data-sharing-283227-15)