Italian Banking Association Blockchain Project Passes Technical Tests
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Italian Banking Association Blockchain Project Passes Technical Tests

October 15, 2019      Mary Brendah

The Italian Banking Association (ABI) has confirmed that the country’s major banks could be ready to start using Blockchain technology to run inter-bank reconciliations by March next year. This is after successful pilot tests.

In addition, the move is part of the Spunta Banca Project, the project promoted by ABI and coordinated by ABI Lab. The project is geared towards the implementation of DLT within Italy’s inter-bank process. The project involves a total of 18 banks. This figure represents 78% of the banking sector in terms of number of employees. It employs technology from NTT Data, SIA and R3’s Corda Network.

As per ABI, the blockchain banking reconciliation system has processed 200 million data entries during the test. This has effectively simulated one year of Italian banking activity.  The successful test has allegedly demonstrated the sustainability of the verification procedure and the platform.

READ  TROY Colloborates With NULS To Integrate Cross-Chain Crypto Trading

Furthermore, 35 nodes distributed all over Italy fed data into the platform. ABI first revealed its plan to deploy Blockchain technology in mid-June.

Additionally, ABI stated:

“The applied architecture was robust without having to resort to specific technical solutions. The methodology used allowed to analyse the operation for banking groups, and large and small banks. The test also allowed for an initial analysis of the response time process. The test was completely successful.”

Distributed Ledger Tech (DLT) in Banking

Moreover, the new application will verify correspondent accounts matching but involves different banks. Up to now, reconciliation was based on bilateral registers that have low standardization and operating methods. The implementation of DLT for inter-bank reconciliation makes it possible to detect non-matching transactions using a shared algorithm. It gives interested groups the possibility of being able to view the transactions.

READ  Japan's Tokai Tokyo invests 500 Million yen in Huobi

In conclusion, the Italian Banking Association hopes to bring Blockchain to banking through Spunta Project. The Italian banking industry is a major player in Blockchain technology.

#Blockchain Project #Crypto News #Crypto News Italy #Cryptocurrency #Cryptocurrency Market #Cryptocurrency News #Italian Bank
Mary Brendah
Mary Brendah

My first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.