Today the Algorand public blockchain announced that it is involved in the Italian digital guarantee platform, Fideiussioni Digitali, which includes the Bank of Italy, insurance regulator IVASS, and 31 financial institutions. The solution also uses R3’s Corda enterprise blockchain.
The platform is expected to go live next year and has been in development since early 2020. The solutions has been implemented by payment network firm SIA, CeTIF (Research Centre on Technology), and technology company Reply.
Guarantees, sometimes referred to as sureties, are provided for public sector contracts and construction to ensure the contractor fulfills its obligations. The guarantee compensates the construction project owner if the contractor fails to follow through.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
