Bank of England Experiments With Artificial Intelligence and Blockchain Tech

Bank of England Governor Mark Carney speaks to bankers and merchants in London’s financial center. PAUL ELLIS/AFP/Getty Images London has long been one of the world’s major financial capitals, so anything the Bank of England does to embrace new financial innovations bears watching. This week, the bank released notes on four experiments it ran with financial technology companies using very new technology. “The breadth of topics covered by these projects,” Andrew Hauser, a director at the bank said in a press release, “shows how much central banks potentially have to gain from continued engagement with the sector in delivering their mission of monetary and financial stability.” The bank’s internal accelerator has announced partnerships with nine fintech companies so far. In the four cases it just reported on, the bank collaborated with companies to run limited proof-of-concept experiments using sample data or simulations. These notes were written in the guarded and cautious language of financial regulators, but the most positive language seemed to come from the two companies working in two of the buzziest technology sectors today, artificial intelligence and blockchain. Detecting fraud and bad data MindBridge Analytics Incorporated is an artificial intelligence company using machine learning to detect anomalous data.…

Link to Full Article: Bank of England Experiments With Artificial Intelligence and Blockchain Tech

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