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​Blockchain reaches banks in Italy to facilitate settlement operations

2019-06-19 10:16 am | Resource: News Section | No Views : 77

​Blockchain reaches banks in Italy to facilitate settlement operations Banks in Italy are preparing to deploy the emerging blockchain technology to be used in the settlement process, which begins in March 2020, Finextra, a technology-related news site, reported in a report published Tuesday (June 18th).
The Italian Banking Association (ABI) announced that Italian banks will integrate DLT in internal processes to enhance settlement operations. The deployment of block chain technology has also been set to improve transparency in interbank transactions and efficient communication between counterparties.
The initiative comes as part of a program run by ABI Lab, called Spunta Project, an interbank solution of block chain technology based on the R3-based open source ledger system. ABI began testing Spunta in February of this year. At that time, Spunta was being tested by 18 banks representing 78% of the Italian banking sector by number of employees.
The ABI system, with its emerging blockchain technology, successfully passed the first phase of the test in October last year, with the participation of 14 local banks.
Block chain application was also expected to help in specific aspects of banking operations, which typically involve a number of complex contradictions, such as data storage on multiple nodes shared by banks, with smart contracts being implemented.
In February of this year, the Italian House of Representatives approved a bill defining DLT, block chain technology, as well as technical standards that smart contracts must comply with in order to obtain legal validity.
In May of this year, Prince Lorenzo de Medici, President of Medici Bank, said that he was driven by developments in block chain technology to start the new project, which aims to "create digital customer experiences and expand financial opportunities across global markets."
The emerging blockchain technology continues its entry into the global markets, especially in relation to financial systems in different countries of the world, which is seeking to research this technology to find out how to benefit from it in different systems, as it offers speed, safety and accuracy as well.

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