Yesterday Reale Mutua, one of the big five non-life insurers in Italy, announced it had issued a blockchain surety bond as part of the “Fideiussioni Digitali”, a national project backed by the Banca d’Italia.
Three months ago, we wrote that 30 banks and organizations were collaborating on the project with CeTIF (Research Centre on Technology), payments network SIA and its SIAChain, tech company Reply and insurance regulator IVASS.
Guarantees or surety bonds are frequently required by government departments or for construction contracts to pay out if the supplier fails to perform. There has been rampant fraud in the Italian surety sector. Hence the blockchain solution aims to make sure a bank or insurer genuinely backs the bonds.
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