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Moving an entire banking sector onto DLT: The Italian banking sector use case
Blockchain technology has in recent years gained significant appeal worldwide in view of its potential to transform the way we do business. In this regard, one of the most attractive architectural concepts is the consortium Blockchain, where a group of peers, leveraging a common governance, collaborate to define rules and technology development. A consortium Blockchain is highly beneficial in a setting where multiple organisations operate in the same industry, but it is not immune from challenges, including investment, education and data standardisation. This paper provides an analysis of the evolution of Blockchain and Distributed Ledger Technology (DLT) technologies and the regulatory approach along with a practical case study on the use of Blockchain in the Italian banking sector. This sector has successfully pioneered the use of Blockchain/DLT with a new application, Spunta Banca DLT, for straight-through processing of interbank reconciliation. Finally, challenges, opportunities and important learnings are discussed.
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Roman Stasi Romano Stasi is Managing Director of ABI Lab, the Italian banking research and innovation centre. He has a master’s degree in Mechanical Engineering from La Sapienza University and a MBA from SDA Bocconi School of Management and has served in various capacities in international consulting firms such as Accenture, Capgemini and Ernst & Young, developing and implementing projects in the financial services and ICT sectors. Mr Stasi is part of several working groups at the European level and, since 2017, has chaired Spunta Banca DLT, an initiative that has moved the Italian interbank reconciliation process onto DLT. He is also founder and Director of CERTFin, the national centre of excellence on cyber security for the banking sector promoted by ABI and Bank of Italy.
Silvia Attanasio has been Head of Innovation at ABI since May 2019. She graduated in Statistical Science and Economics and has worked for more than 15 years, right from in the founding of ABI Lab Consortium. Since 2017 she has been leading the Spunta project, which is an initiative involving the implementation of DLT applied to the interbank reconciliation process.