LONDON, June 12, 2020 /PRNewswire/ -- L3COS, the only known blockchain platform for the regulated digitalization of economies, today submitted its 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."
Notes to Editors:
US based L3COS enables the digitalization of society's transactions, ensuring they are fast, safe, verifiable, regulated, transparent, efficient and legal. Using its unique triple layer consensus system, it enables Sovereigns to digitalize transactions faster, more effectively, with greater transparency and stronger security. Its blockchain technology is immutable, fully auditable, traceable, and transparent, making fraud, money laundering or other black-market financing impossible. L3COS brings the benefits of blockchain to the wider economy, corporations and individuals for the first time.
About Zurab Ashvil
Since 2013, Zurab Ashvil, in conjunction with over 1,200 developers from around the world, has been developing L3COS (Level 3 Consensus Operating System) the first blockchain based operating system that has been developed at sufficient scale and speed to meet the growing needs of central banks around the world. Zurab Ashvil is a serial tech entrepreneur who spent more than a decade at Softbank between 1995 and 2006, where he won awards from Microsoft, Dell and EMC. As early as 1998 he was advising on Distributed File Systems design for Windows 2000: the basis of the Cloud.