L3COS Offers Bank Of England Regulated Blockchain-Based Operating System

L3COS has submitted a bid to the Bank of England to create the first regulated blockchain-based operating system in the world as a result of responding to the bank’s previously-published ‘Central Bank Digital Currency – opportunities, challenges, and design’ paper.

Based in the United States, L3COS is a Level 3 Consensus Operating System, which drives the digitization of transactions. The people behind L3COS strive for fast, safe, regulated, transparent, and efficient transactions.

L3COS’s CEO, Zurab Ashvil, commented on the importance of blockchain:

“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.”

L3COS is the world’s first blockchain platform to provide individual authorities with the ability to administer digital economies in a legal form. It advocates the independence and sovereignty of individual authorities in a controlled and lawfully-compliant manner.

L3COS focuses on eliminating fraud, money laundering, and other illicit activities through its fully auditable, transparent, and traceable ways of financing.

Ashvil also shared his views for the future:

“We believe that L3COS’s unique triple-layer consensus technology is potentially transformative for digitalized economies, empowering governments for the first time to regulate digital economies while providing security and legitimacy to transactions.”