Intesa Sanpaolo trials trading data recordkeeping on Bitcoin's blockchain

posted 8 months ago
Italian banking conglomerate Banca Intesa Sanpaolo has tested a bitcoin blockchain-based tool as part of a bid to validate trading data.

The bank, along with Deloitte and startup Eternity Wall, began testing the new proof-of-concept late last year.

At the heart of the project is the open-source OpenTimeStamps protocol, developed by Bitcoin Core contributor Peter Todd, which Eternity Wall later moved to implement. It uses the bitcoin blockchain as means to notarize transactions, creating a publicly available record trail for later referral.

The bank tested the tool between October and February, according to Deloitte, and the firm said that future plans include support for multiple blockchains, potentially including private ones.

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