An Argentinian consortium of banks and expertise firms underneath the patronage of the Central Financial institution of Argentina is promoting a pilot program implementing blockchain. The system could be used to deal with direct account debit claims.
The pilot was introduced on April 21 by IOV Labs, the developer of the RSK blockchain. The corporate is a part of the 2019 Monetary Innovation Roundtable, which additionally consists of Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander and others.
The group has labored for a number of months for the reason that finish of 2019 to create a system that may observe checking account transactions by what IOV claims is a decentralized community.
Particularly, the blockchain system will deal with direct debit transactions for purchasers, the place the fee is initiated by the receiver of the funds and never the sender. By means of the blockchain, the group is ready to hint the claims between completely different contributors like banks, clearinghouses and monetary brokers. On this pilot, blockchain solves the important thing drawback of inter-entity messaging, making a decentralized enterprise community.
Whereas the system already exists and is usable, IOV Labs’ purpose is to supply a less complicated and extra environment friendly different to conventional settlement.
The answer is being examined by the banks collaborating on this initiative. When the pilot ends, they may resolve if the community must be enlarged with different contributors or extra purposes.
RSK is a brilliant contract sidechain
The RSK community is in some ways an Ethereum competitor, however as an alternative of making an unbiased community, it piggybacks on Bitcoin (BTC).
The community’s native token is a wrapped model of BTC, although it additionally has its personal token known as RIF. Bitcoin arrives to the community by a “federated” bridge overseen by particular entities. That is much like many variations of wrapped Bitcoin on Ethereum.
RSK has not too long ago been making an attempt to catch as much as Ethereum by way of decentralized finance performance. It hosts two algorithmic stablecoin initiatives, Cash on Chain and the recently launched RIF on Chain.
As Cointelegraph reported in February, RSK additionally launched a bridge to Ethereum, which permits swapping any token between the 2 networks.
The collaboration with the Argentinian monetary group could be seen as an growth into enterprise blockchain territory, presently occupied by initiatives just like the Ethereum Enterprise Alliance, Corda and Hyperledger.
