Italian Banks Successfully Test Data Reconciliation Via Blockchain
The reconciliation data of an entire year of Italian banking activity on a blockchain platform, announced the local banking association.
The Italian Banking Association (ABI) successfully processed the reconciliation data of an entire year of local banking activity on a blockchain platform.
The association announced the successful test of the Spunta Project’s system in a press release published on Oct. 12. The successful test of the framework has been first announced by Italian media at the end of September though with little details.
Platform viability has been demonstrated
Now ABI reveals that the test has seen 200 million data entries being processed by the blockchain banking reconciliation system, effectively simulating one year of Italian banking activity.
The successful test allegedly demonstrates the sustainability of the verification procedure and the platform itself.
The data has been introduced to the platform through 35 nodes distributed throughout Italy. Eighteen Italian banks — comprising 78% of the country’s banking workforce — are part of the project.
Implementation to come in 2020
The recently amended banking agreements will reportedly allow for the system to be implemented by March 1, 2020. As Cointelegraph reported, ABI first announced the intention to deploy blockchain technology in mid-June.
The Spunta Project is coordinated by the association’s research organization, ABI Lab, and sees participation from system integration firm NTT Data, decentralized data storage platform Sia and enterprise blockchain firm R3 with its Corda network.