Spunta Blockchain Project Launches Phase Two for Banking Reconciliation Improvements
Spunta Project Launches Phase Two After The Success Go The Pilot
After successfully completing the preliminary testing phase, the Spunta project is ready to go to the next stage. The project, which is an initiative of Abi Lab, comprises fourteen Italian banks and focuses on blockchain technology.
The financial services industry is undoubtedly the most significant beneficiary of the disruptive potential of blockchain technology. So dominant is this technology in the sector that others like machine learning and big data analytics have had to play second fiddle.
Currently, a majority of the proponents of blockchain technology, as well as its developers solely emphasize on decentralization. As a result, the products they create often lack clear use cases, particularly in the real world. Nevertheless, there are still some projects that are harnessing the capabilities of blockchain technology and have the potential to revolutionize the finance industry.
Abi Lab Blockchain
The Abi Lab blockchain project, known as Spunta project, is among the few that are promising in terms of the applicability in the real world. The project, supported by the Italian Banking Association, has already successfully undergone the pilot testing phase. Reportedly, the testing stage involved the uploading of data recorded over a period of two months regarding the usage of the blockchain.
The primary objective of the Spunta project is to enhance the reconciliation amongst different banking institutions. Because of this, many speculate that the testing process involved the banks trying out the reconciliation aspect. At the time, the blockchain solution was only deployed periodically. Since the first stage proved successful, it is expected that the banks will fully implement the Spunta project in its second phase. Essentially, this means that the blockchain solution will be used throughout.
According to the Abi Lab, this new solution will simplify and hasten the process of interbank reconciliation. This will be done by eliminating transaction discrepancies through the establishment of a standard system that is used by all institutions.