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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today