The Algorand-supported?bank and insurance guarantee?platform is expected to launch in early 2023
Algorand to Support an “Innovative Digital Guarantees Platform” in Italy. Source: shutterstock.com
According to Algorand’s Dec. 13?announcement, it has been chosen as the public blockchain to support an “innovative digital guarantees platform” operating in Italy’s banking and insurance segments.
The platform expected to launch in early 2023?is developed by the Research Center on Technologies, Innovation and Finance of the Catholic University of Milan (CETIF). It is a part of Italy’s National Recovery and Resilience Plan, aimed to boost Italy’s economic recovery following the COVID-19 crisis.
It is expected that a significant percentage of bank and insurance guarantees will leverage digital ledger technologies (DLT). Algorand was chosen for its “unparalleled level of innovation,” fast, efficient, low-cost and scalable data transactions, as well as its ability to provide protection against fraud.
SEE ALSO:
Cybersecurity Lessons Learned from the Blockchain
Vanguard Australia Uses Blockchain for Back Office Tasks
Distance Doesn’t Prevent Thailand and Hungary from Jointly Exploring Blockchain Possibilities
Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
