According to the latest reports, an Argentinian group of banks and technology companies is promoting a blockchain-based pilot program in collaboration with the Central Bank fo Argentina. This blockchain system, named RSK Blockchain will enable handling direct account debit claims. 

The RSK Blockchain has been developed by a company named IOV Labs, which is a part of the 2019 Financial Innovation Roundtable. Other firms like Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander are also a part of the Roundtable. IOV claims that its system is decentralized and will be able to track bank account transactions. 

Also Read: Akon Introduces his Own Crypto Akoin and Envisions to Run Entire Africa With it

To be more specific, the RSK Blockchain will be able to handle direct debit transactions for customers, in cases where the transaction is initiated by the receiver, rather than the sender. Moreover, it will be able to track and trace the claims made by different entities like banks, clearinghouses, and financial agents in regard to a particular transaction. IOV stated that its aim is to smoothen inter-entity messaging through a decentralized network, apart from providing a simpler alternative to traditional settlement concepts. 

The RSK Blockchain is powered by a native token named RIF, which is somewhat ‘a wrapped version Of BTC.’ As of now, it has two stablecoin projects – Money on Chain and the RIF on Chain. Recently, it also launched an Ethereum bridge that would allow swapping tokens between two networks.

IOV’s recent partnership with the Argentinian Central Bank is its attempt to foray into the enterprise blockchain space, and compete with established names like Ethereum Enterprise Alliance, Corda, and Hyperledger.