This proof of concept is focused on implementing a decentralized platform powered by Rootstock technology that would allow for end-to-end traceability of account debit claims.
Within the framework of the 2019 Financial Innovation Roundtable (MIF, Spanish acronym) of the Central Bank of Argentina (BCRA, Spanish acronym), the Blockchain Group, which comprises RootstockLabs, Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander, BYMA, Interbanking and Red Link, has worked through 2019 and early 2020 to design and execute a proof of concept for implementing a decentralized system solution to handle direct account debit claims made by customers.
The different actors in the financial system will have access to this solution based on Rootstock blockchain and they will be able to make transactions in a standardized, reliable, and secure manner, achieving end-to-end traceability for managing each claim while keeping track of the bank account updates entered into the system.
“We are convinced that, by implementing this type of platform, the financial system will be able to build an integral, collaborative ecosystem in line with the current modern technological advances and on par with the world’s most innovative financial systems. Given the global circumstances we are facing, we need now more than ever to use technology in order to optimize processes and provide better services to our citizens.” -Diego Gutiérrez Zaldívar, co-founder of Rootstock blockchain.
This challenge required the collaboration between different industry actors, such as banks, clearing houses, financial agents and providers of this technology, to explore the use of Blockchain technology for Inter-entity Messaging. This initiative seeks to help the financial system and the industry to understand the technology and its potential benefits better, through practical experimentation. The ultimate goal is to develop simpler and more efficient alternatives to the current clearing systems.
Beyond technical experimentation and proof of concept, one of the goals was to determine the commercial viability and the value of the Blockchain-based network. A good part of that experimentation demonstrated that Blockchain, beyond its known use as crypto-currency support, along with the possibility of using Intelligent Contracts, greatly broadens this technology’s range of application.
The solution is currently being tested by participating banks to determine their ability to solve process integration problems between banks and system actors. Once the testing stage is over, it will be determined whether other Banks in the market will participate and whether other potential network uses will be defined.
About RootstockLabs
RootstockLabs is a key contributor to Rootstock, the first, biggest, and longest-lasting Bitcoin layer 2.
RootstockLabs specializes in pioneering innovative solutions within the blockchain space, empowering developers with funding, technology, and marketing support to expand the frontiers of decentralized technology and make Bitcoin work for everyone.
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.
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About Grupo Sabra
Grupo Sabra is a software application development company based in Argentina. The company focuses on integrating traditional technology with distributed ledger technologies and smart contracts. Grupo Sabra has an expert team of in-house software development and blockchain developers that have been building solutions for our growing customer base. The team has been building and implementing solutions for decentralized platforms during the last 5 years, integrating those capabilities with Blockchain solutions for corporate clients and governments.