In a current panel, as a part of a digital Unitize blockchain convention, ABI chief innovation officer Silvia Attanasio defined why the banking entity selected to go the decentralized blockchain route for Spunta — its blockchain answer constructed on enterprise blockchain platform Corda.
If ABI had gone the decentralized route, the entity would have wanted to find a centralized celebration to assemble and handle a considerable amount of information on varied fronts, Attanasio mentioned on the July 8 panel, noting ABI’s rationale behind selecting a decentralized method.
“It wasn’t really easy to determine a single actor that might have run the centralized answer,” she mentioned.
Spunta is a option to switch data
The Associazione Bancaria Italiana, or ABI — also referred to as the Italian Banking Affiliation, operates as a central hub on behalf of Italy’s banks, Attanasio mentioned. The entity determined to transition right into a blockchain-based format known as Spunta.
“Spunta is a reconciliation course of primarily based on bilateral account,” Attanasio defined, noting the system as a technique of operation behind the scenes. “It’s about an change of data relatively than an change of worth,” she added.
The ABI unveiled the blockchain-based concept in June 2019, pointing to a March 2020 launch date. The system, referred to as Spunta, basically enhances processes round settlement and dealings between banks.
Starting with 32 banks, the ABI initiated its transition over to Spunta on March 1, Attanasio detailed. “I am significantly proud, particularly as an Italian, that we set this date, I feel in March 2019, and we have been so punctual,” she mentioned. “We did not have one single day of delay,” she famous. ABI has additionally added extra banks since March.
“By October 1, the outdated course of shall be dismissed and the outdated guidelines shall be cancelled,” she mentioned.
Spunta’s decentralized method modifications the outdated format
“We needed to rework the method, to reshape the method, as a way to embrace some key part of the distributed paradigm, and this was made attainable with the distributed answer,” Attanasio mentioned. This, versus a centralized format requiring every financial institution to carry its information, transferring that information to a single centralized database sometimes.
ABI did, nonetheless, select a permissioned blockchain construction, as a substitute of a permissionless one that enables participation from anybody. The selection stemmed from the entity’s place within the banking sector and the significance of trusting particular events with data, Attanasio defined.
Over the previous few years, a variety of different mainstream entities worldwide have acknowledged blockchain’s potential, exploring various solutions with the expertise, together with Walmart, JPMorgan Chase bank and a bunch of others.