Argentina is one of the many countries dealing with a virtually broken financial system. It now appears that the system will be overhauled by using blockchain technology courtesy of RSK.
There is ample room for improvements in the financial sector.
A Blockchain Venture in Argentina
What role blockchain technology will play in the years to come, remains subject to debate.
If the Central Bank of Argentina is any indication, things may get very interesting.
More specifically, the bank is experimenting with blockchain technology for a new clearing system.
This new solution will serve as a settlement layer between different banks in Argentina.
Leveraging the RSK Smart Contract network allows for many different options to explore in the future.
That network is built on Bitcoin’s blockchain through a sidechain implementation.
The main purpose for exploring this new option is to provide faster fiat payments and introduce end-to-end traceability.
For the Central Bank of Argentina, embracing new technologies is an absolute must under the current circumstances.
Optimizing processes and providing better services has become the number one priority.
It is not the first time the bank explores options in the blockchain sector either.
In fact, it was an early adopter of this technology, although nothing has come of it yet.