Intesa Sanpaolo Blockchain: a new trial for recordkeeping

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Intesa Sanpaolo Blockchain: a new trial for recordkeeping

The newest Italian Banca Intesa Sanpaolo blockchain – related  project has been tested with the main goal of validating trading data.

Thanks also to a partnership with Deloitte and the Italian startup Eternity Wall, Intesa San Paolo started to test a new proof-of-concept at the end of 2016.

Heart of the project is the open-source OpenTimestamps protocol, developed by Peter Todd, a Bitcoin Core contributor, that Eternity Wall moved to implement.

The Intesa Sanpaolo blockchain project uses the bitcoin distributed ledger to notarize transactions and create a publicly available database trail for future referral.

Information security officer for the bank, Carlo Brezigia explained:

“Relevant data has been hashed to produce a short unique identifier – a digest – equivalent to its digital fingerprint. This fingerprint has been associated to a blockchain transaction and hence registered on the blockchain: the blockchain immutability provides robust non-refutable timestamping that will always prove without any doubt the existence of that data in that specific status at that precise moment in time.”

According to a Deloitte statement, Intesa Sanpaolo tested this tool between October and February with tht idea of including support for other blockchains, potentially including also private ledgers.

This Italian blockchain trial shows the will of regulated financial institutions to test public blockchains.

In an official announcement, the bank’s retail innovation accelerator officer, Gianni Cavallina, explained the interest in experimenting these protocols beyond the main use case of digital currenciese:

“In particular, considering public blockchains, we are exploring the applicability of different use cases, abstracting from the value of its native digital currency. Notarization is one of the most interesting applications.”

Intesa Sanpaolo Blockchain projects– also member of the R3 distributed ledger consortium – also include tests on several blockchain use cases made during the previous years, including trade finance and digital identity.

Read more about previous Italian projects related to the Blockchain here.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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