L3COS proposes blockchain platform for the bank of England

L3COS proposes blockchain platform for the bank of England

L3COS, the  blockchain platform for the regulated digitalization of economies has submitted a proposal to the Bank of England to build the world's first regulated blockchain-based operating system. The Bank of England is one of several sovereign authorities, including the US Treasury, which have begun the process of investigating the application of regulated blockchain technologies. These will provide these institutions with fast, secure and transparent means of payment as well as efficiencies of administration.

The L3COS proposal is in response to a published consultation paper from The Bank of England on 'Central Bank Digital Currency – opportunities, challenges and design'.

L3COS has developed unique triple-layer consensus technology and is the first blockchain platform in the world to offer individual authorities the opportunity to regulate digital economies in a verifiable and legal manner. It upholds the autonomy and sovereignty of individual authorities in a regulated and legally compliant form while being immutable, fully auditable, traceable, and transparent, making fraud, money laundering or other black-market financing impossible. Zurab Ashvil, Founder and CEO, L3COS: "Blockchain is a tried and tested technology, with over 40% of S&P 500 companies using it to increase efficiencies and reduce costs. Now central banks and governments are looking at how this technology can work for them.

"We believe that L3COS's unique triple-layer consensus technology is potentially transformative for digitalised economies, empowering governments for the first time to regulate digital economies while providing security and legitimacy to transactions."

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