Since its creation, blockchain has always caught the attention of various types of people. Many fundamental features of this and other financial technologies can be found in different industries and sectors of the Italian economy. One of the most advanced industries is banking.
The technology plays an increasingly important role in the financial industry, both on international and domestic market levels. It is estimated that this innovation may be able to transform the value chain of capital markets and also the way in which players exchange and hold securities.
The technology improves the efficiency and speed of operation of the underlying processes, as well as reduces the associated costs and risks.
The diffusion of blockchain is a proof of how new technologies are changing the world and companies must necessarily grasp the importance of such distributed ledger technology advances, foreseeing that they will have an impact on their business models.
Financial and banking sector may also make use of the security of data exchange, such as some information or a certain amount of money. The decentralized structure provides the transparency of the network and low operational costs. These features ensure that the fintech is reliable and keep it in-demand on the market.
Italian Banks Go Blockchain
A lot of institutions in Italy need to
switch to blockchain and fintech. A special initiative Spunta Banca Project was created to enhance the development and use of distributed ledger in the banking sphere.
Back in 2018, the Associazione Bancaria Italiana (ABI), the national banking association of Italy, launched a pilot on interbank solution. The first round of pilot testing was completed by September 2018. As per Finextra report, the initial number of banks involved in the project has increased from 14 to 18 before the beginning of the new round. Thus, the pilot has collected 78 percent of the Italian industry by the number of employees.