An Argentinian consortium of banks and engineering science companies under the patronage of the Central Bank of Argentina is promoting a airplane pilot program implementing blockchain. The arrangement would be used to handle straight account debit claims.

The airplane pilot was announced on Apr 21 by IOV Labs, the developer of the RSK blockchain. The company is function of the 2022 Fiscal Innovation Roundtable, which likewise includes Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander and others.

The group has worked for several months since the end of 2022 to create a system that would track banking company account transactions through what IOV claims is a decentralized network.

Specifically, the blockchain organization volition handle straight debit transactions for customers, where the payment is initiated by the receiver of the funds and non the sender. Through the blockchain, the group is able to trace the claims betwixt different participants like banks, clearinghouses and fiscal agents. In this airplane pilot, blockchain solves the key problem of inter-entity messaging, creating a decentralized enterprise network.

While the system already exists and is usable, IOV Labs' goal is to provide a simpler and more than efficient alternative to traditional settlement.

The solution is existence tested past the banks participating in this initiative. When the pilot ends, they will decide if the network should be enlarged with other participants or additional applications.

RSK is a smart contract sidechain

The RSK network is in many ways an Ethereum competitor, merely instead of creating an independent network, it piggybacks on Bitcoin (BTC).

The network's native token is a wrapped version of BTC, though it too has its ain token called RIF. Bitcoin arrives to the network through a "federated" bridge overseen by specific entities. This is similar to many versions of wrapped Bitcoin on Ethereum.

RSK has recently been attempting to catch up to Ethereum in terms of decentralized finance functionality. It hosts ii algorithmic stablecoin projects, Money on Chain and the recently launched RIF on Concatenation.

As Cointelegraph reported in February, RSK also launched a span to Ethereum, which allows swapping any token between the 2 networks.

The collaboration with the Argentinian financial group can be seen as an expansion into enterprise blockchain territory, currently occupied by projects like the Ethereum Enterprise Brotherhood, Corda and Hyperledger.