Layer 1 blockchain platform Algorand has been selected as the public blockchain to provide an innovative digital guarantee platform to be employed in Italy’s banking and insurance sectors.
Just in: Algorand has been selected to be the public blockchain that will support an innovative digital guarantees platform in Italy.
This new Digital Sureties platform is being developed by @Cetif1 and endorsed by @bancaditalia and @ivassocial: https://t.co/EBsOkBEwcb pic.twitter.com/dCFatoYILk
— Algorand (@Algorand) December 13, 2022
According to the announcement, Algorand joined the Bank of Italy, the Italian insurance body IVASS, and more than 30 financial institutions at an event in Milan to demonstrate how bank and insurance guarantees can be given using digital ledger technologies (DLT), also known as blockchain.
Algorand claimed that blockchain technology was perfectly suited for the “digital sureties” platform due to its quick, effective, inexpensive, and scalable data exchanges, as well as its capacity to offer fraud protection.
The Catholic University of Milan’s Research Center on Technologies, Innovation, and Finance (CETIF) is implementing the blockchain-based digital sureties platform as a part of Italy’s National Recovery and Resilience Plan, an initiative aimed at accelerating the country’s economic recovery.
Federico Rajola, professor at CETIF, stated:
“We selected Algorand because of its unparalleled level of innovation and security among permissionless DLTs, as well as because of its leadership in sustainability. Our goal is to help Italy not only recover from the economic impact of COVID-19 but also excel through innovation and leadership.”
The new platform will enable the use of blockchain technology for bank and insurance guarantees for the first time in an EU Member State when it goes live in early 2023.
Silvio Micali, Founder of Algorand Inc, stated:
“We are proud and honored to be the public blockchain chosen by the Digital Sureties platform of Italy. Through Algorand’s technology, we can help solve for many critical issues facing financial institutions and governments across the world today, bringing opportunity and inclusion to communities in need everywhere.”
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