Technology

Argentine banks will introduce a blockchain platform for tracking payments based on the RSK network

A consortium of banks and fintech corporations in Argentina has launched a pilot program for processing necessities for direct debit of accounts based on a resolution from the developer of the RSK blockchain, IOV Labs. It's reported by Cointelegraph.

Since 2019, IOV Labs has been a part of the spherical desk on monetary innovation together with such giant banks as Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander.

The blockchain system will deal with direct debit transactions during which the fee is initiated by the recipient of the funds, and never by the sender. The answer will can help you monitor claims between completely different members due to a decentralized company network, which will facilitate and velocity up messaging.

Based on the outcomes of the pilot program, a determination will be made on the want so as to add new members and / or enhance the performance of the platform.

IOV Labs (previously RSK Labs) is creating an open-source sensible contract platform with two-way Bitcoin binding. The native network token is a “wrapped” model of BTC, and the RSK Infrastructure Framework (RIF) token can also be used.

Bitcoin enters the network via a “federated” bridge managed by particular organizations, which makes it just like ERC-20 token variations with safety in BTC.

Not too long ago, RSK has been attempting to overhaul Ethereum when it comes to decentralized financing performance. On the eve of the developer of DeFi protocols with collateral in bitcoins, the firm Cash on Chain introduced the launch of the RIF on Chain platform, which is based on tokens issued on the RSK network.

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Recall that in February IOV Labs launched the “interoperability bridge” that gives the interplay of the Bitcoin and Ethereum blockchains.

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Sam Conley is new to online journalism but she is keen to learn. She is an MBA from a reputed university. She brings together relevant news pieces from various industries. She loves to share quick news updates. She is always in search of interesting news so that she can share them as well to Sunriseread's readers who could enjoy them with their morning coffee.

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