The United Kingdom helps to develop a new blockchain app

The financial authorities of the United Kingdom of Great Britain and Northern Ireland have provided a help in developing the innovative Corda DLT platform, Coindesk reports. The vast R3 consortium is its main developer.

The Corda development team received a help from the U.K. Financial Conduct Authority and the Royal Bank of Scotland along with other unspecified governmental bodies and British organizations. This blockchain application is focused on mortgage transactions and related receipts.

The U.K. Financial Conduct Authority is undoubtedly interested in development of such solutions, as they will help in its future work. Moreover, Chris Woodward, the FCA’s director of strategy, told last year that blockchain was something his employers are seriously considering to use. He called this “an opportunity for us to understand how we can best support developments”.

Recently, the Bank of England has prepared a material on the distributed ledger technologies for securities settlement. In this paper, the bank noted that the DLT could lead to the new securities monopolies.