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Cryptocurrencies

Argentina's Central Bank holds blockchain hackathon to award 'Financial Passport' idea

Monday 28 November 2016 | 11:06 AM CET

Argentina\'s Central Bank has shown interest in exploring blockchain technology and held a hackathon that united students, professionals, economists and Bitcoin and blockchain enthusiasts.

The two-day event saw USD 9,677 awarded to the three most innovative projects, including one blockchain startup called Signatura. The blockchain notarization platform proposed a product called 'Financial Passport' that demos how consumers can use blockchain to share data, while keeping it encrypted. The project highlights how blockchain could be used to help financial institutions reduce paperwork and speed up processes.

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.

The good news is that there are signs that the Central Bank of Argentina may be interested in concepts like these and that progress is in some ways limited by the early nature of the tech.

More: Link
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