Algorand blockchain, has been selected in Italy to assist the development of a DLT platform. Algorand said that the platform is being designed with CeTIF, (Research Centre on Technologies, Innovation and Finance), Bank of Italy and the Institute for Insurance Supervision, Italy.
The announcement was made during an event organized by CeTIF, Research Center for Technologies, Innovations and Finance, Catholic University of Milan on Tuesday that saw the attendance of Algorand, Bank of Italy, Italian insurance authority IVASS, and other financial institutions.
Reports about the three day event showed that part of the discussions was how banks and insurance products can be deployed on a distributed ledger. And CeTIF, has been in the forefront of organizing efforts towards the development of a blockchain-based surety product for the Italian market.
Further details about the DLT-based platform revealed that if the supposed date of launch is achieved in 2023, it will become the first blockchain project to be deployed by a European nation for bank and insurance guarantees.
EU €200 billion support to Italy
It’s no surprise that this is happening after the EU issued €200 billion, co-grant and co-loan, to Italy as part of its COVID-19 recovery program which also aligns with the nation’s National Recovery and Resilience Plan (NRRP).
Building on the blockchain brings a promise of a more transparent and fraud resilient system for the success of the program.
Federico Rajola, a professor at CETIF explained that Algorand was selected sue to its innovative structure and adherence to sustainability which will help Italy recover from the impact of COVID-19 and advance in innovative technology.
“Our ecosystemic projects are meant to help generate strategic platforms, such as the Digital Sureties platform supported by Algorand,” he said.
Speaking about the partnership, Silvio Micali, Founder of Algorand Inc noted that the Algorand team is honored to be part of the project and want to help economies around the world solve critical financial challenges including inclusivity.
Algorand is a layer 1 blockchain with high speed, scalability, and vision to be a green technology. It has over 2,000 organizations building on it.
CETIF is a research center in the Catholic University of Milan that has a goal to revolutionize the financial, banking and insurance sectors and others using innovation, digitalization and business sustainability. It has the CETIF Advisory which is driven to convert research ideas into practical products and the use of DLTs is one of its key areas of interest.
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