With its currency volatility, one might expect Argentina’s central bank to be hesitant in exploring blockchain technology.
But that wasn’t the case at a hackathon held last week that united students, professionals, economists and bitcoin and blockchain enthusiasts. Held on Friday and Saturday, the two-day event saw $ARS150,000 ($9,677) awarded to the three most innovative projects, including one blockchain startup.
Blockchain notarization platform Signatura won second place at the event, receiving a check from the central bank for $ARS50,000 ($3,226).
In interview, Franco Amati, member and founder of Signatura, recalled how his company used the competition to propose a product called ‘Financial Passport’ that demos how consumers can use blockchain to share data, while keeping it encrypted.
Using the product, the consumer could revoke a bank’s access key to the passport, and the flow is digitally signed using the bitcoin blockchain, assuring its date, authorship and integrity.
Amati told CoinDesk:
“When a bank needs it, for a loan for example, it requests the information using the platform, and the consumer is notified to grant or reject the request to access its details.”
In this sense, Amati said, the project highlights how blockchain could be used to help financial institutions reduce paperwork and speed up processes.
And there are signs that the Central Bank of Argentina may be interested in concepts like these.
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