ALGORAND CHOSEN AS PUBLIC BLOCKCHAIN TO SUPPORT DIGITAL GUARANTEES PLATFORM IN ITALY
BOSTON and MILAN, 13 December 2022 /PRNewswire/ — Algorand Inc.a world leader in Layer-1 blockchain technology, has been chosen to be the public blockchain that will support an innovative digital escrow platform in Italy. The company today joined the Bank of Italy and the Italian insurance authority IVASS, together with more than 30 financial institutions at an event in Milan to illustrate how bank and insurance guarantees can be issued on digital ledger technology (DLT) also known as blockchain.
The event, organized by CETIF, Research Center for Technologies, Innovations and Finance of the Catholic University of Milan, will include presentations and live technology demonstrations as part of a three-day forum. CETIF Advisory has led an ecosystem effort to develop a blockchain-based open “Digital Sureties” platform that will serve the needs of Italy’s the banking and insurance markets.
The new platform is expected to become operational in early 2023 and will be the first time an EU member state enables the use of blockchain technology for banking and insurance guarantees. Algorand is the only public blockchain that the Digital Sureties platform uses.
It is expected that a significant percentage of banking and insurance guarantees will utilize digital ledger technologies as part of Italy’s National Recovery and Resilience Plan (NRRP). The EU distributed approx 200 billion euros to Italy, the largest grant to any country, which will be used for co-grants and co-loans as part of the EU’s recovery plan. The EU launched the program, considered to be the most important stimulus package in the Europe’s history, to increase economic recovery after the Covid-19 crisis. Blockchain is ideally suited for these types of applications given the technology’s ability to provide fast, efficient, affordable and scalable data transactions. More importantly, digital ledger technology helps protect against fraud – a known challenge with bank and insurance guarantees.
“We chose Algorand for its unprecedented level of innovation and security among permissionless DLTs, as well as for its leadership in sustainability,” said Federico Rajola, Professor, CETIF. – Our aim is to help Italy not only recovering from the financial impact of Covid-19, but also excelling through innovation and leadership. Our ecosystem projects are intended to help generate strategic platforms, such as the Digital Sureties platform supported by Algorand. We believe these platforms can and will dramatically contribute to the country’s competitive sustainability to the benefit of all.”
“We are proud and honored to be the public blockchain chosen by the Digital Sureties platform for Italy,” so Silvio MicaliFounder of Algorand Inc. “Through Algorand’s technology, we can help solve many critical problems facing financial institutions and governments today, bringing opportunity and inclusion to communities in need everywhere.”
About Algorand Inc.
Algorand transforms financial models and economies of all kinds. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s high-performance Layer-1 blockchain is unparalleled in offering fast, frictionless and inclusive technologies. Algorand is a recognized leader in sustainable technology with a commitment to interoperability and consistent delivery, transforming industries from TradFi and DeFi to new creative economies and beyond. As the technology of choice for 2,000+ global organizations, Algorand is transforming how value is exchanged through the next generation of financial products and protocols. For more information visit www.algorand.com.
About CETIF
CETIF is the research center for technology, innovation and finance the Catholic University of Milan. Its mission is to accelerate and promote the development of the financial, banking and insurance sectors and their competitiveness through innovation, digitization and sustainable business. It promotes research, organizes conferences and offers over 100 higher university courses to help train future leaders. CETIF’s work brings together leaders across academia, government and industry to help advance innovative thinking and technologies across the finance, banking and insurance sectors. CETIF members include over 50 banking, insurance and financial institutions, over 30,000 high-level managers registered in more than 15 dedicated societies, generating over 200 annual events, aimed at the development of the targeted markets. www.cetif.it
About CETIF Advisory
CETIF Advisory is a spin-off of the university’s research center that focuses on turning academic research into practice, helping new technologies emerge and consolidate on the market through ecosystem projects. CETIF Advisory currently focuses its activities on digital ledger technology (DLT), artificial intelligence and advanced analytics, competitive, regulatory and HR assessment, benchmarking and human/machine interaction.
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