Tests began late in 2016 where the bank, along with Deloitte and startup Eternity Wall, began working on a Proof of Concept. 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.
According to Deloitte, the bank tested the tool between October 2016 and February 2017, and plans include support for multiple blockchains, potentially including private ones. Intesa Sanpaolo – a member of the R3 distributed ledger consortium – has tested a number of blockchain use cases in the past, including trade finance and digital identity, according to Coin Desk.
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