The Central Bank of Argentina (BCRA) is studying a new compensation system based on blockchain.
It is not a digital currencybut rather the use of an authorized DLT based on RSK smart contract technology to make fiat currency payments faster and more reliable, adding end-to-end traceability for account debit related complaints.
The idea was launched in 2019 during the BCRA's own roundtable on financial innovation, in collaboration with The Blockchain Group, and is now expected to be tested with the participation of some of the country's largest financial institutions.
The objective would be to improve the capacity to solve problems of integration of processes between banks and actors of the financial system.
The CEO of IOV Labs, Diego Gutiérrez Zaldívar, stated that he has created a proof of concept for a network based on RSK Smart Contract Network, in collaboration with BCRA and some of the main commercial banks, including Santander and BBVA.
“By implementing this type of platform, the financial system will be able to build a comprehensive collaboration ecosystem in line with current modern technological advances and on par with the most innovative financial systems in the world.
Given the global circumstances we face, we now need more than ever to use technology to streamline processes and provide better services to our citizens. ”
This proof of concept is also intended to demonstrate that there are use cases of ledger technology distributed beyond cryptocurrencies, in particular the use of smart contracts.
It is worth noting that a similar initiative has been underway in Argentina for some months, but in another sector, that of gas distribution.
In fact, Gasnor, one of the country's leading natural gas distributors, is experimenting with a certification platform based on smart contracts with the aim of guaranteeing and speeding up the certification processes for new connections to the distribution network.
The project is called Gasnet and it is being developed by IOV Labs on an authorized DLT and RSK Smart Contract Network.