Algorand Inc., a global leader in layer-1 blockchain technology, has been selected as the public blockchain to support an innovative digital collateral platform in Italy. The company today joined the Bank of Italy and Italian insurance regulator IVASS, along with more than 30 financial institutions, at an event in Milan to demonstrate how bank and insurance guarantees can be based on Distributed Ledger Technologies (DLT), also known as Blockchain. , can be issued.
The event, organized by CETIF, the Research Center for Technology, Innovation and Finance at the Catholic University of Milan, will include lectures and live technology demonstrations over a three-day forum. CETIF Advisory is leading an ecosystem-driven project to develop an open blockchain-based “digital collateral” platform to meet the needs of the Italian banking and insurance markets.
The new platform is expected to be operational in early 2023. It will be the first EU member state to enable the use of blockchain technology for bank and insurance guarantees. Algorand is the only public blockchain using the Digital Sureties platform.
It is expected that a significant percentage of bank and insurance guarantees under Italy’s recovery and resilience plan will use distributed ledger technologies. The EU has given Italy around 200 billion euros – the biggest grant of any country – to be used for co-financing and co-loans under the EU recovery plan. The EU has launched what is believed to be the biggest recovery plan in European history in a bid to boost economic recovery from the Covid-19 crisis. Blockchain is perfectly suited for these types of programs because the technology enables fast, efficient, inexpensive, and scalable data transactions. More importantly, distributed ledger technologies help protect against fraud – a well-known problem with bank and insurance guarantees.
“We chose Algorand because it offers a level of innovation and security unmatched among permissionless DLTs, and is also a leader in terms of sustainability”, underlined Federico Rajola, professor at CETIF helps to recover from the impact economy of the Covid-19 crisis, but also to shine through innovation and leadership. Our ecosystem projects are designed to help create strategic platforms, such as the Digital Sureties platform supported by Algorand. We are convinced that these platforms can and will make a decisive contribution to the country’s competitiveness – for the good of all.”
“We are proud and honored to be the public blockchain of choice for Italian platform Digital Sureties,” said Silvio Micali, Founder of Algorand Inc. “Algorand’s technology allows us to help solve many fundamental problems financial institutions and governments around the world are facing today, providing opportunity and inclusion to disadvantaged communities around the world.”
About Algorand Inc.
Algorand transforms business models and economic systems of all kinds. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s high-performance layer-1 blockchain is unique in providing fast, frictionless, and inclusive technologies. Algorand is a renowned leader in sustainable technologies, committed to interoperability and consistent delivery, transforming the industries of TradFi and DeFi into new economies of inventors and others. As the technology of choice for over 2,000 global companies, Algorand is transforming the way value is exchanged through the next generation of financial products and protocols. Visit www.algorand.com for more information.
Information on the CETIF
CETIF is the technology, innovation and finance research center of the Catholic University of Milan. Its objective is to accelerate and promote the development of the financial, banking and insurance sectors and their competitiveness through innovation, digitization and sustainability. It promotes research, organizes conferences and offers more than 100 university courses to support the training of future leaders. CETIF brings together leading figures from academia, government and industry to advance innovative ideas and technologies in the finance, banking and insurance sectors. CETIF members include more than 50 banking, insurance and financial institutions, as well as more than 30,000 senior executives belonging to more than 15 professional communities, organizing more than 200 events per year focused on the development of target markets. www.cetif.it
Information on the CETIF Advisory
CETIF Advisory is a spin-off from the university’s research center that focuses on putting academic research into practice and developing and bringing new technologies to market through ecosystem-driven projects. CETIF Advisory currently focuses its activities in the areas of distributed ledger technology (DLT), artificial intelligence and advanced analytics, competition assessment, regulation and human resources, comparative analysis and human-computer interaction.