The Italian Banking Association officially introduces blockchain technology to enhance transparency and efficiency.

The Italian Banking Association (ABI) plans to deploy blockchain technology, with implementation expected to start in March 2020.

ABI is the trade association of Italian banks, established in 1919. This is the first time Italian banks are using blockchain technology, integrating distributed ledger technology into their banking processes to expedite settlement efficiency. This initiative is part of the Spunta project, managed by the association's research and innovation department ABI Lab, aimed at enhancing transparency and efficiency among banks.

According to a report, the first trial took place in October last year, involving participants such as Italy's second-largest bank Intesa Sanpaolo and 13 other banks. During the 10-month proof of concept and testing phase, each bank was allocated a node, uploaded actual repository data, and processed 1.2 million transactions throughout the trial.

The most recent round of testing began in February this year with participation from 18 banks. This trial involved the use of blockchain and smart contracts to assist in complex banking operations and reduce discrepancies between ledgers.

Furthermore, as reported by ABM earlier, Alior Bank, one of the top ten banks in Poland, has also introduced an Ethereum blockchain system for document verification, saving the bank millions of dollars in operational costs.

Further Reading

• South Korea's Biggest Bank Signs Agreement to Launch Cryptocurrency Custody Service
• Visa Launches Blockchain-Powered Business Payments Service for Cross-Border Transactions

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