Algorand has been chosen as the public blockchain to power an innovative digital guarantees platform in Italy.
Algorand’s team joined the Bank of Italy and the Italian insurance authority IVASS, as well as over 30 other financial institutions, at an event in Milan to demonstrate how bank and insurance guarantees can be issued on digital ledger technologies (DLT), better known as a blockchain.
The Research Center for Technologies, Innovations and Finance (CETIF) of the Catholic University of Milan hosted a three-day event, which included presentations and live technology demonstrations.
CETIF Advisory has led an ecosystemic effort to develop a blockchain-based open “Digital Sureties” platform to meet the needs of Italy’s banking and insurance sectors.
The new platform is expected to run from 2023 and will be the first time an EU Member State enables the use of blockchain technology for bank and insurance guarantees. Algorand will be the only public blockchain that the Digital Sureties platform uses.
As part of Italy’s National Recovery and Resilience Plan, a significant percentage of bank and insurance guarantees are expected to leverage digital ledger technologies.
Digital ledger technologies fraud protection will help banks and insurance guarantees tackle changes faced by them.
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