Central bank of Argentina works on a proof of concept based on blockchain technology

The Central bank of Argentina is working on a proof of concept that is focused on implementing a decentralized platform powered by RSK technology that allows end-to-end traceability of account debit claims.

IOV Labs announced in a press release that the Blockchain Group, comprises of IOV Labs, Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander, BYMA, Interbanking, and Red Link, has worked through 2019 and early 2020 to design and execute a decentralized system solution to handle customers’ direct account debit claims.

The solution would make transactions reliable and secure. It uses blockchain to make the compensation system simpler and more efficient. Also, the technology offers traceability and transparency.

“We are convinced that, by implementing this type of platform, the financial system will be able to build an integral, collaborative ecosystem in line with the current modern technological advances and on par with the world’s most innovative financial systems. Given the global circumstances we are facing, we need now more than ever to use technology in order to optimize processes and provide better services to our citizens,” said Diego Gutiérrez Zaldívar, CEO at IOV Labs.

The project requires collaboration between various industries including banks, clearing houses, financial agents and technology providers to explore blockchain technology for inter-entity messaging. This initiative also aims to help the financial system and the industry understand the technology and its potential benefits.

Also, it aims to show the commercial viability and value of the blockchain-based network aside from being cryptocurrency support.

The solution is still being tested by the participating banks to determine its ability in solving process integration problems. When the testing is over, the group will determine whether other banks in the market will participate and whether other potential network uses will be defined.

Meanwhile, in March, the Argentina’s official gazette website (Boletin Official or BO) was hacked and used to spread fake news about coronavirus. The incident created a false version of edition 34, 329. The hacking left BO out of service due to the “massive demand for entry.”

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