The Algorand blockchain has been chosen to power a 'Digital Sureties' platform which will be used for bank and insurance guarantees in Italy.
Layer-1 blockchain platform Algorand has been chosen as the public blockchain to support an “innovative digital guarantees platform” to be used in Italy's banking and insurance markets.
The Algorand-supported platform is expected to be launched in early 2023. According to Algorand’s Dec. 13, this is the first time an EU Member State will use blockchain technology for bank and insurance guarantees. A bank guarantee is when a lending institution promises to cover a loss if a borrower defaults on a loan. It's an alternative to providing a security bond or a deposit to a supplier or vendor. An insurance guarantee is similar but is offered by an insurance company rather than a bank.
Algorand said that blockchain technology was ideally suited for the"Digital Sureties" platform because of its fast, efficient, low-cost, and scalable data transactions, and its ability to provide protection against fraud. Just in: Algorand has been selected to be the public blockchain that will support an innovative digital guarantees platform in Italy.
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