A new Italian consortium of thirty banks and organizations has formed to leverage blockchain for a national digital sureties project “Fideiussioni Digitali”. Major participants are CeTIF (Research Centre on Technology), payments network firm SIA and tech company Reply. Four months ago, the group first announced plans for the project in conjunction with the Bank of Italy and IVASS, the insurance regulator.
Apart from the addition of thirty banks, the Italian finance police Guardia di Finanza has also joined.
Sureties are often required for government and construction contracts. To participate in the contract, the supplier pays a bank or insurer for a surety bond. This provides a guarantee to payout the buyer if the supplier fails to perform on the contract.
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