Italy’s
SIA, CeTIF (Research Centre on Technology), and technology company Reply announced plans for a national blockchain network for sureties or guarantees.
SIA is best known as one of the major backbone providers for Europe’s SEPA payments network. In 2018 it processed more than three billion payment transactions and 7.2 billion card transactions.
Together the organizations hope to address rampant fraud in the Italian sureties sector. Typically when committing to public sector contracts or construction, the supplier has to guarantee they will fulfil the contract. Hence, they turn to insurers and banks to provide the guarantee.
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