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Italian consortium looks to blockchain for digital sureties

Italian consortium looks to blockchain for digital sureties

A host of Italian financial services players are taking part in a project to digitise the management of sureties using blockchain technology.

More than 30 organisations in the insurance, banking and finance, public and business sectors, as well as associations and institutions, are taking part in the effort project promoted by payments outfit SIA, research centre CeTIF, and tech firm Reply.

The 'Fideiussioni Digitali' design phase is already underway, with testing set to begin in July with the uploading and managing real and legally valid sureties.

When fully operational, the platform will provide guarantors and beneficiaries with greater efficiency, transparency and information certainty throughout the entire surety management process, with the primary objective of reducing potential frauds, say the partners.

Comments: (1)

A Finextra member
A Finextra member 02 May, 2020, 15:33Be the first to give this comment the thumbs up 0 likes

Tell us a little more about this consortium, who partyicipates, how will it work, does it have a website or there some kind of press release?