Today it was announced that “Fideiussioni Digitali” the Italian blockchain project for issuing surety bonds or guarantees, has completed its pilot phase and will launch in the second half. The project was developed by CeTIF (Research Centre on Technology), payments network firm SIA and tech company Reply, with involvement from the Bank of Italy, insurance regulator IVASS, and the Italian Finance Police.
More than 50 organizations participated in the four month pilot, including banks, insurers, public sector organizations and the contractors and companies involved in the guarantee process.
Sureties tend to be needed when tendering for construction and government projects. The supplier pays a bank or insurer to provide a guaranteed payout to the buyer if the supplier fails to perform its side of the contract.
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