RBS to Pilot Blockchain Proof-of-Concept in Early 2016

Royal Bank of Scotland (RBS) is planning to demonstrate its blockchain-based proof-of-concept early next year.

AccessTimeIconOct 15, 2015 at 10:21 a.m. UTC
Updated Sep 11, 2021 at 11:57 a.m. UTC

Royal Bank of Scotland (RBS) is planning to demonstrate its blockchain-based proof-of-concept early next year.

at Sibos – a financial services conference held in Singapore earlier this week – John Lyons, head of strategy and commercial services for RBS's payments business, said the bank could potentially trial and launch the blockchain-based pilot in 2016.

Although Lyons reportedly declined to divulge further details about the proof-of-concept, he suggested it was "on the fringes of payments".

Lyons' comments come after Simon McNamara, chief administrative officer at RBS, announced the bank's work on a proof-of-concept using Ripple technology as part of a £3.5bn technological revamp.

More recently, RBS – which partnered with distributed ledger startup R3CEV – made the headlines after its technology chief said the bank had experimented with its own in-house cryptocurrency; using it to trade and settle between the group's banks.

The news comes amid increasing interest in blockchain technology from some of the world's major banks and prominent figures from the world of finance.

RBS image via Gil C / Shutterstock.com


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.