The Central Bank of Argentina (BCRA) is studying a new blockchain-based clearing system.
It is not a digital currency, but the use of a permissioned DLT based on RSK smart contract technology to make payments in fiat currency faster and more reliable, adding end-to-end traceability for complaints regarding account debits.
The idea was launched in 2019 during BCRA’s own roundtable on financial innovation, in collaboration with The Blockchain Group, and is now expected to be undergoing testing with the participation of some of the country’s largest financial institutions.
The goal would be to improve the ability to solve process integration problems between banks and financial system actors.
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 major commercial banks including Santander and BBVA.
“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”.
This proof-of-concept is also intended to demonstrate that there are use cases for Distributed Ledger Technology beyond cryptocurrencies, in particular involving the use of smart contracts.
It is worth noting that a similar initiative has been underway in Argentina for some months now, but in another sector, that of gas distribution.
In fact, Gasnor, one of the country’s main natural gas distributors, is experimenting with a certification platform based on smart contracts with the aim of guaranteeing and accelerating the certification processes for new connections to the distribution network.
The project has been called Gasnet and is being developed by IOV Labs on a permissioned DLT and RSK Smart Contract Network.