Argentina’s central bank is testing a decentralized blockchain to improve banking procedures, the Daily Hodl website reported.
South American blockchain firm IOV Labs has stated that its proof-of-concept will process debit claims of banking customers through a licensed blockchain network.
Other large commercial banks in Argentina took the same move such as Banco de la Provincia de Cordoba, BBVA and Banco Santander.
Based on RSK’s enterprise smart contract techy, the solution aims to improve procedures for banks, financial agents and suppliers, In addition, it accelerates the fiat payment rates.
IOV develops low-cost, accessible networks to support the global economy.
The proof of concept allows sending messages between banks and financial institutions. If the banks succeeded in the pilot, it will be a starting point for a new clearing mechanism that provides end-to-end traceability focused on blockchain technologies.
Diego Zaldívar, CEO of IOV, said the move aims to showcase the tech, and to demonstrate how to use the blockchain in boosting secure financial networks.
Zaldívar went on to say:
“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,” he added.
After the pilot, the other participant banks will report if they can expand the network through adding further features.
Gasnor launches blockchain-backed platform
Gasnor, a natural gas distributor for two million residents, has been given approval by Argentina’s national gas regulator to pilot a smart contract, blockchain-based certification platform.
According to the companies involved, Gasnet, a permitted blockchain platform from IOV Labs and software builder Grupo Sabra, was launched Wednesday with the approval of regulator Enargas. Running on an enterprise version of RSK Smart Contract Network, Gasnet is designed to secure and speed up the chronically delayed processes of gas certification in Argentina.