According to Finextra, the Italian Banking Association (ABI) announced that the banks in the country will use blockchain technology as of March 2020 to execute their agreements.
Spunta Project, directed by ABI Lab, the research and development arm of the Banking Association, aims to improve efficiency and communication by improving transparency among banks.
With the use of Blockchain technology, it is hoped that inter-bank agreements will be realized daily instead of monthly. In exceptional cases, stronger communication is expected between the other parties.
The latest tests of the system are expected to take place in February with the participation of 18 banks. This means that in terms of the number of employees, 78% of the Italian baccalaureate sector.
The news of the DLT move followed ABI’s recent Italian survey of IT use in the banking sector. The survey report reveals that the trend of IT investments that started in 2014 continued and increased by 5.7% in 2018.
We will see how the active use of Blockchain technology in the banking sector will contribute to the financial market in Italy. The transparent, unchangeable and secure structure of the technology has the potential to transform banking transactions.
Source: Blockchain Turkiye