The Layer-1 blockchain technology protocol Algorand has been chosen as the public blockchain to support bank and guarantees insurance in Italy.
First Blockchain As Digital Guarantee In EU
The Algorand-supported digital guarantees platform will be used in Italy’s banking and insurance markets and will be launched in early 2023. The company announced the news on December 13 at a three-day forum hosted by the Research Center for Technologies, Innovations and Finance of the Catholic University of Milan (CETIF).
As per the announcement, this is the first time an EU country will use blockchain technology for bank and insurance guarantees. The center has been focusing on developing a blockchain-based ecosystem for a “Digital Sureties” platform for the country’s banking and insurance markets.
Under the bank guarantee, a lending institution would cover the loss if a borrower defaults on a loan instead of having to provide a deposit or a deposit bond to a supplier or vendor. Simila
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