Italian banks have recently embraced the R3 Corda blockchain network to boost the authenticity of transactions in banks across the country. More banks are now transitioning from the legacy interbank reconciliation infrastructure to the blockchain platform as a major overhaul of the financial institutions. According to recent reports, as many as 55 banks, which constitute 85 percent of all Italian banks, have migrated to the R3 Corda Blockchain platform.
Italian banks in stage two of R3 Corda blockchain trials
The Italian Banking Association has already set things in motion for the second stage of R3 Corda blockchain trials. This comes after the successful completion of phase one trials. The third and final phase of the tests is expected to be conducted by the start of October. Also,85 percent of the banks have already shifted to the platform since the launch of the second trials, in a move geared towards sharing inter-bank data.
The association predicts that by the start of the third phase, the number of banks embracing the technology will have steadily increased from the current 55 to up to 100. Technology has been lauded for its various benefits and has been seen by many as an upgrade. The Chief Innovation Officer of the Italian Banking Association, Silva Attanasio, has revealed the association’s plans to create a decentralized structure called Spunta, built above R3 Corda.
Blockchain technology a perfect fit for the financial sector
Before the adoption of R3 Corda blockchain platform, reconciliation infrastructure efforts regularly tended to consume a lot of time. It took from 30-50 days, but now after the implementation of R3 Corda; reconciliation happens in less than a single day.
Furthermore, rumors have it that the Italian Banking Association is also planning to test out the digital Euro in the banking sector. These reports are yet to be confirmed, since no formal public announcement has been made at the moment.