Italian banks will introduce blockchain in March 2020 in order to increase calculation efficiency and transparency of operations – bitcoindoubler2x.com has learned.
Italian Banking Association (ABI) has announced, that banks of Italy will integrate distributed registry technology into inner processes with the purpose to speed up the calculations. Blockchain deployment is also called upon to increase transparency of operations between banks and interaction efficiency between counterparties.
This initiative is the part of ABI Lab program, which has got the name Spunta Project – interbank solution with blockchain usage, based on Corda R3 platform. ABI started testing Spunta in 18 banks in February. These banks all together present 78% of Italian banking sector by the number of employees.
Interbank blockchain system ABI successfully passed a premier phase of testing in previous October with participation of 14 local banks. It`s also expected that blockchain application will help in certain aspects of banking operations, which are usually connected with a number of complex inconsistencies, such as data storage on several nodes, shared by banks, and implementation of smart contracts.
Italy, as many EU countries, studies blockchain introduction in various spheres. Back in December of last year they informed, that blockchain is in demand among Italian financial institutions. And in January this year first time was presented the bill about blockchain regulation. Besides, in March it became known, that Italy uses IBM blockchain platform to protect products of own production “made in Italy”.