21 November 2017
visit www.avoka.com

RBS tests demonstrate ability of Ethereum to support a national domestic payments system

23 September 2016  |  20776 views  |  0 RBS logo web screen shot

The Innovation Engineering team at Royal Bank of Scotland has built a Clearing and Settlement Mechanism (CSM) based on the Ethereum distributed ledger and smart contract platform.

The project, dubbed Emerald, was setup to explore the creation of a Deferred Net Settlement (DNS) system like FasterPayments, with the aim of evaluating the technology and uncovering limitations.

In a technical paper, the bank says "Ethereum required some modifications to tune its focus from a hugely distributed, public system to a faster moving, private ledger aimed at speed and throughput."

To prove the system, the bank called in support from GFT Technologies to test the application on Google's cloud platform.

"The test results evidenced a throughput of 100 payments per second, with 6 simulated banks, and a single trip mean time of 3 seconds and maximum time of 8 seconds," states the bank. "This is the level appropriate for a national level domestic payments system."

The RBS team behind the project says the modifications and setup specifics will now be used to take the project forwards as an open source initiative.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Thomson Reuters delves deeper into Ethereum

Thomson Reuters delves deeper into Ethereum

08 September 2016  |  11488 views  |  0 comments | 27 tweets | 10 linkedin
DAO hack sparks crypto-currency panic

DAO hack sparks crypto-currency panic

17 June 2016  |  14339 views  |  8 comments | 15 tweets | 15 linkedin
RBS embraces crypto-currencies in hackathon challenge

RBS embraces crypto-currencies in hackathon challenge

17 November 2014  |  30798 views  |  3 comments | 16 tweets | 15 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ncr.comvisit www.aciworldwide.comvisit www.atos.net

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
19364 views comments | 29 tweets | 31 linkedin
Singapore central bank open sources blockchain prototypesSingapore central bank open sources blockc...
13119 views comments | 16 tweets | 29 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
11622 views comments | 15 tweets | 42 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
9441 views comments | 26 tweets | 38 linkedin
Barclays warns of unprecedented online fraud this ChristmasBarclays warns of unprecedented online fra...
9099 views comments | 15 tweets | 32 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job