Banks are stunned by distributed ledger technologies worldwide. Italy is not any exception, and its largest bank, IntesaSanpaolo, has conjointly been exploring the benefits of blockchain in finance.
Blockchain Application Firewall
First, the bank have declared their participation in testing a blockchain application firewall with thirteen different international banks. Their Blockchain Application Firewall has been developed by R3, the makers of Corda, and permits for deployment in company data centers, whereas maintaining the flexibility to speak firmly with nodes round the world. it's a purpose-made application, with industry-leading safety features.
The test started on fourth of June, once all the participating banks put in the nodes, and ran since then 1.2 million transactions with real banking data. The aim of the project is to standardize interbank transactions and speed up filtering incorrect transactions.
Better Trade Finance
IntesaSanpaolo conjointly participates within the Letter of Credit blockchain platform known as Voltron. Voltron aims to decrease inefficiencies in trade finance.
Global trade finance could be a vast market: regarding 80th of world trade depends on trade credit and insurance or guarantees. however the market is filled with inefficiencies: most agreements are still issued on paper, with many parties handling one transaction. Blockchain might give the proper tool to enhance the inefficiencies of the market.
The goal of Voltron is to digitalize Letter of Credit processes and build processes a lot of economical by sharing data on the blockchain between parties. This improves trade finance for firms, insurers and banks additionally, as they're able to build faster finance choices and reduce reconciliation by having all the data on a shared ledger.
IntesaSanpaolo is one amongst the early-adopters of blockchain technology, and participates in leading business initiatives to seek out sensible use cases to distributed ledger technology. they're diving into the potential to bring with blockchain a more clear, secure and economical world of finance.