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blockchian is preparing to address the problems of bank in Italy

2019-06-20 12:12 pm | Resource: News Section | No Views : 71

blockchian is preparing to address the problems of bank in Italy The Italian Banking Association (ABI) is preparing to deploy blockchian technology with a view to operating settlement operations, starting in March 2020, Finextra reported.
The first use of the block chian technology among Italian banks will integrate the inter-bank ledger technology to speed up adjustments.
The move is part of the Spunta project, a program run by the Technology Laboratories of the Italian Banking Association, the association's research and innovation arm, to improve transparency and efficient communication among banking counterparts.
The Union of Banks also aims to activate daily settlements rather than monthly adjustments, as the Italian word Spunta is translated into verification.
The last round of tests began last February, with the participation of 18 banks, which together account for 78% of the Italian banking sector by number of employees.
Last October marked the successful completion of the first trial round, led by Antisa San Paolo, Italy's second-largest bank, and 13 other banks. At the test and test stage of the concept for 10 months, a block chian platform was set for each bank, and banks carried actual data bank data, processing 120,000 transactions during the trial period.
Experience has demonstrated the use of block chian and smart contracts, to help complex banking operations, to reduce the inconsistencies between the bank ledger.
In February of this year, the Italian House of Representatives passed a bill defining block chian and distributed bookkeeping technology, as well as technical standards that smart contracts must comply with in order to obtain legal validity.
Block chian is a digital book. This book can record any transaction on it, not just a financial transaction, but any transaction on the globe that is not fraudulent or tampering, and its database is distributed, These data are verified, as they are of course decentralized, but hosted by millions of computers simultaneously.
For its part, blockchian continues its remarkable progress in many different fields and industries, and there has been great progress in these areas through many different partnerships, as this emerging technology is approaching something that literally controls all different and diverse fields.

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