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