RBS to Pilot Blockchain Proof-of-Concept in Early 2016

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.

The news comes amid increasing interest in blockchain technology from some of the world's major banks and prominent figures from the world of finance.

RBS image via Gil C / Shutterstock.com