1. Italian Banking Association Completes First Test of Blockchain-Based Interbank System
The Italian Banking Association (ABI) has revealed they successfully passed the initial phase of testing their blockchain-powered interbank system. By applying distributed ledger technology (DLT), the group of 14 Italian banks is planning to improve interbanking processes. Specifically, the association intends to boost the processing time of operations, increase the transparency of banking information, and enable the verification and exchange of information directly within the application. According to the report, the association has successfully completed 1.2 million movements on an infrastructure of 14 nodes distributed by the banks. Based on the positive results of the first stage of the test, the banks will now start applying the blockchain-powered application for the recording of daily operations.
2. Bank of America: Blockchain Market Could Hit $7 Bln, Will Give Boost to Amazon, Microsoft
The Bank of America (BoA) has estimated that blockchain could be a $7 billion market and provide a major boost to corporate giants such as Microsoft and Amazon. BoA research analyst Kash Rangan emphasized that while many potential use cases for blockchain have been widely recognized, “full products/services have not yet been built out and are not used in production,” leaving the technology’s capacity to generate real-world capital still unproven. Among other high-profile beneficiaries poised to benefit from blockchain, BoA included Oracle, IBM, Salesforce.com, and VMware, as well as major players from the real estate and mortgage industries such such as Redfin, Zillow, and Lendingtree.
3. Blockchain Could Be Solution to Irish Border Trade Issue After Brexit
British finance minister Philip Hammond announced that the issue of trade across the Irish border after Great Britain leaves the European Union (EU) might be solved by deploying blockchain technology. The United Kingdom (UK) and the EU agreed to leave the border between the Northern Ireland and Republic of Ireland open but the parties are still looking for a method to make it possible. The UK intends to leave the EU Customs Union, which would require border controls between Northern Ireland, a part of the UK, and the Republic of Ireland, which will stay in the EU. The implementation of blockchain could be a tool for resolving the Irish border issue, as the technology enables products’ movement to be recorded transparently and without changes.