L3COS submits proposal for regulated blockchain OS to the Bank of England

By Megha Bhattacharya

Blockchain platform L3COS has today submitted its proposal to the Bank of England for building a regulated blockchain-based operating system. The company has stated that the proposal is in response to a published consultation paper from The Bank of England on ‘Central Bank Digital Currency – opportunities, challenges and design’.

Zurab Ashvil, Founder and CEO, L3COS said, “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.

US-based L3COS claims to be the first blockchain platform that offers individual authorities with the opportunity to regulate digital economies. It aims to reduce fraud, money laundering or other black-market financings and is auditable and traceable. It utilises a triple layer consensus system for enabling sovereigns to digitalise transactions faster.

“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.”

Bank of England, along with other sovereign authorities such as the US Treasury, have already begun the process of investigating the application of regulated blockchain technologies. These are expected to provide these institutions with fast, secure and transparent means of payment as well as efficiencies of administration.