Cryptocurrency

Blockchain Banking and Italian complement each other to improve transactions

In order to improve the processes and the speed of transactions, almost all the banking system of Italy leaves the old technology. Now, the Blockchain and the banca italiana are merged in more than 80% in order to provide better answers to various financial aspects.

In this way, interbank transfers in Italy are performed by means of the platform Blockchain Corda R3. This, according to sources, would be accelerating significantly the process of double verification of the transaction logs.

Thus, the reconciliation check, the same way that the underlying technology of the exchange of data, as there were at the height of the needs. For this reason, according to the authorities, the shift towards technology Blockchain was becoming a necessity of the first order.

Blockchain is more efficient in the eyes of the banking Italian

According to Silvia Anastasia, head of innovation of the Italian Banking Association (ABI), the difference is abysmal. In statements collected by the website CoinDesk, the official ensures that, with the old system, the average time for reconciliation, was of almost two months.

At the same time, he explains, with the merger of the Blockchain (Corda) banking and Italian, such a process hardly takes 24 hours. It is one of the main reasons that the banking system of this nation, has turned overwhelmingly to the use of the new network technology.

It should be taken into consideration that the banks ‘ agreement of Italy, was signed in the year 1978 and consists of physical delivery among the banks. In may of last year, 2019, the agreement was updated, with the possibility of integrating banks with the technology Blockchain.

Also, the agreement with Corda, the above-mentioned operator in the network Blockchain, allowed the banking of that nation to merge with the chain blocks. Practically all transactions of this nature were made with the new technology.

Blockchain is now part of the banca italiana in order to improve the speed of interbank transactions.

The banks of the world and the chain of blocks

Since the emergence of the technology Blockchain, the attitude of banks has changed in a radical way. Be hostile and openly enemies of the public in any firm or intention related to the chain of blocks, they are now one of the main users.

This is because, in a globalized world, people want immediacy in their transfers. This is a problem that the system of traditional finance is unable to give a response. The most clear example, is observed in the forced merger between the Blockchain and the banking Italian.

The other case in which this trend is evident, is in the digital currencies. A few years ago, the banks were completely denied any relationship with the same. But the appetite of the people for Bitcoin, has forced the central banks to enter into the process of designing their own digital currencies.

Increasing integration

The lack of liquidity, the economic problems caused by the pandemic Covid-19, as well as the high commissions of payment systems for the network, you are opening the door to the cryptocurrencies. In this regard, the bank has begun to feel outdated.

Unable to compete with the new form of finance, the case of the merger of the Blockchain with the banking, this is not an isolated case of Italy. It is a process that will be commonplace until you reach global proportions.

The efficiency and the transparency that allows the network Blockchain, help to the banking institutions to have a higher performance.

Data to be taken into consideration

The banks ‘ agreement of Italy, dates back to the year 1978 and was upgraded in 2019 and 2020 to allow the use of the technology Blockchain.The speed of the Blockchain, will allow interbank transactions are carried out in a manner infinitely more rapid.The network Blockchain Corda R3, was designed by the company NTT Data, and it is now operated by the technology firm bank SIA.55 are the banking institutions of Italy that operate with this network Blockchain, which accounted for 85% of the national total.It is expected that, in a short period of time, the number of the same reaches the 100 banks.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:

1 – professional Management of content by the authors of CriptoTendencia.
2 – external Sources: Coindesk.com, Corda.net and Abi.it.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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