How Italian Banks To Use Blockchain Technology To Become More Efficient
The Italian Banking Association (ABI) has recently announced that Italian banks will be turning to blockchain technology for reconciliations.
This new approach is a part of a program called Spunta Project. Banking research and innovation arm called ABI Lab handles the program. The program Spunta Project is a blockchain-based application. It has undergone multiple tests. It is on the pre-production stage.
ABI along with other technical partners such as a system integration company called NTT Data, Sia and R3 Corda platform support the Banking research and innovation arm ABI Lab. 18 banks participated, representing more than 75% of the Italian banking sector in terms of the number of employees.
This decision by ABI comes following their latest survey on the use of IT in Italy's banking sector which reveals that investments in IT increased by 5.7% in 2018 continuing a trend that began in 2014. It also shows that 88.5% of the survey's respondents have an IT budget either in line with or exceeding its 2018 budget.
Italy is trying to not miss out on the blockchain revolution cycle. Their Prime Minister Giuseppe Conte had earlier said:
“Emerging technologies such as artificial intelligence and blockchain are destined to radically change our lives, the society in which we live and the economic and productive fabric of the country. We have to decide which way to go.”
On December 27, Italy announced it had assembled 30 experts to understand the potential of blockchain technology.