Reports say 18 banks in Italy (under the Italian Banking Association) is now in the process of testing R3 Corda based blockchain interbank solution. Corda is the open-source distributed ledger technology platform of R3 blockchain consortium.
Blockchain Interbank System by Italian Banks – Details
In a statement, the
- R3 blockchain consortium
- Sia, an Italian ICT company
- NTT Data, a Japanese IT company
They have named their project “Spunta”. 18 Italian banks (which account for 78% of the
Interbank system powered by the
The association of Italian banks has said that the interbank blockchain system is currently in the pre-production phase. After conducting a series of tests initially, ABI will launch it for a focus group. It is learned that the developers will also carry out testing of the platform’s stability. This will be done through the generation of transaction volumes over the
In fact, additional updates are being developed by the
Why is AIB carrying out these Tests?
AIB is going full throttle in bringing the coveted change in the Italian interbank system because of two developments. The first development is a part of the decision made by 7 countries in the European Union. The second one is concerned with a parliamentary bill passed in the
- In Dec’18, seven European Union countries (Italy, France, Spain, Malta, Greece, Portugal, and Cyprus) decided to promote the use of Distributed Ledger Technology in the region. They regarded it as an important innovation for the economies in the southern European Union.
- Following this decision, the Italian parliament passed a bill saying that the smart contracts need to comply with blockchain, DLT, and other technical criteria for complying with
The Corda platform of R3 is used by leading financial companies all over the world. Some of the examples include Commerzbank (German), Natixis (French), Rabobank (Dutch), and SBI Holdings (Japan). Therefore, completion of the ongoing test and consequent will help bring a
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