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RSK technology adopted by the central bank of Argentina for proof of concept blockchain

RSK technology adopted by the central bank of Argentina for proof of concept blockchain
  • Recently revealed this week in the world of crypto is that the central bank of Argentina, which has pledged its support for a blockchain-based system using RSK technology. 
  • The proof of concept will be used to trial a new system for account debit claims, a new payment system.

Recently revealed this week in the world of crypto is that the central bank of Argentina, which has pledged its support for a blockchain-based system using RSK technology. The proof of concept will be used to trial a new system for account debit claims, a new payment system. This will be utilising the end to end the traceability that is one of the key strengths that blockchain has.

With the support of the financial innovation roundtable, this initiative was given the thumbs up in 2019. The consortium features members of the central bank of Argentina, blockchain group as well as many others in the industry.

This smart contract of technology is best known for its use in leveraging the bitcoin network. It will form the basis of a decentralise platform being used for proof of concept.

One of the biggest of the schools in the way of this project is a political issue. Many banks and other financial agents have considered getting involved with the project with the goal of creating a messaging and record-keeping system that is more effective than the current clearing systems. The developers of the new project will need to ensure the cooperation of all entities involved with the financial system pertaining to account debit claims. They will need to also ensure the security of the system which is going to be a vital part of it, as well as maintaining data confidentiality and demonstrating the blockchain will be able to provide a more sturdy solution compared to traditional means.

Blockchain is certainly the way forward and with many central banks all around the world considering using it for their own individual projects, who knows what the future will hold. China is currently spearheading blockchain technology with its own central bank digital currency. Many other central banks all across the world are following suit as well.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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