British financial regulators build block chain applications on the R3 Corda platform


nnn(FCA) issued its joint Royal Bank of Scotland (RBS) and another unlisted banking institution jointly developed using the Corda distributed class book platform of the Chain Chain Alliance R3, which was developed by the Financial Market Conduct Authority (FCA) New application prototype. According to its disclosure, regulators can use this application to view real-time updates and create a receipt for the mortgage transactions they perform.n
nnTranslation: Clovern
nThe UK’s top market regulators have developed a new application using the Corda Distributed Classbook platform, a chain-chain alliance R3.n
nThe prototype was released today, with the focus on reporting mortgage transactions. It was revealed that the prototype was co-built by the Financial Services Authority (FCA), the Royal Bank of Scotland (RBS) and another unlisted banking institution. The application enables the regulator to view real-time updates and create a receipt for the mortgage transactions it performs.n
nIt would not be surprising that FCA was interested in this technology that could strengthen regulation. To date, FCA has incorporated many start-ups into its “regulatory sandbox”, allowing it to test financial products and services in a limited environment.n
nLast year, FC Wood strategy director Chris Woodward said that the block chain is one of the technologies that the agency is considering possible applications.n
nAt that time he said:n
nn”[This area] is to let us know how best to support the development, and may use some regulatory opportunities for their own technology solutions.n
nnIn fact, FCA has publicly stated that it wants to provide some breathing space for start-ups (including block chains) that are engaged in financial technology. In April, the agency announced that it considered (at least for now) that there was no need to adjust the rules for this technology.n

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