BOSTON and MILAN, December 13, 2022 /PRNewswire/ — Algorand Inc.the world leader in Layer-1 blockchain technology, has been selected as the public blockchain that will support the innovative digital collateral platform in Italy. The company is now merging with the Bank of Italy and the Italian insurance authority IVASS, together with more than 30 financial institutions at the event Milan to illustrate how bank and insurance guarantees can be issued in digital ledger technology (DLT) also known as blockchain.
The event, organized by CETIF, Center for Technological Research, Innovation and Finance from Catholic university of Milan, will include presentations and live technology demonstrations as part of the three-day forum. CETIF Advisory has led an ecosystem effort to develop an open blockchain-based “Digital Sureties” platform that will meet the needs Italy’s banking and insurance markets.
The new platform is expected to be operational in early 2023 and will be the first EU Member State to allow the use of blockchain technology for bank and insurance guarantees. Algorand is the only public blockchain that the Digital Sureties platform uses.
It is expected that a significant percentage of bank and insurance guarantees will use digital book technology as part of Italy’s National Recovery and Resilience Plan (NRRP). The EU allocated approx 200B Euros for Italy, the largest allocation ever made to any country, to be used for joint grants and joint loans as part of the EU Recovery Plan. The EU launched the program, which is considered the most important stimulus package Europe history, to promote economic recovery after the Covid-19 crisis. Blockchain is ideally suited for these types of programs because of the technology’s ability to provide fast, efficient, inexpensive, and scalable data transactions. More importantly, digital ledger technology helps protect against fraud – a known challenge with bank guarantees and insurance.
“We chose Algorand because of its unparalleled level of innovation and security among permissionless DLTs, as well as because of its leadership in sustainability,” said Federico Rajol, CETIF professor. “Our goal is to help Italy not only recovering from the economic 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 powered by Algorand. We believe the platform can and will contribute dramatically 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 from Italy” he said Silvio MicaliFounder of Algorand Inc. “Through Algorand’s technology, we can help solve many of the critical issues facing financial institutions and governments around the world today, bringing opportunity and inclusion to communities in need everywhere.”
About Algorand Inc.
Algorand transforms economic and economic models of all kinds. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s high-performance Layer-1 blockchain is unparalleled in providing fast, frictionless, and inclusive technology. A recognized leader in sustainable technology with a commitment to interoperability and consistent delivery, Algorand is shaping industries from TradFi and DeFi to the new creator economy and beyond. As the technology of choice for 2000+ organizations globally, Algorand is transforming the way value is exchanged through next-generation financial products and protocols. For more information visit www.algorand.com.
About CETIF
CETIF is a Research Center for Technology, Innovation and Finance Catholic university of Milan. Its mission is to accelerate and improve the evolution of the financial, banking and insurance sector and its competitive capacity through innovation, digitization and business sustainability. It supports research, organizes conferences and offers more than 100 university higher education courses to help train future leaders. CETIF’s work brings together leaders in academia, government and industry to help develop innovative thinking and technology in the financial, banking and insurance sectors. CETIF members include more than 50 banking, insurance and financial institutions, more than 30,000 high-level executives registered in more than 15 specialized communities, producing more than 200 annual events, directing the evolution of the target market. www.cetif.it
About CETIF Advisory
CETIF Advisory is a spin-off from the University’s Research Center that focuses on turning academic research into practice, helping new technologies emerge and integrate them in the market through ecosystem projects. CETIF Advisory currently focuses its activities on digital ledger technology (DLT), artificial intelligence and advanced analytics, competitive assessment, regulation and HR, benchmarking and human/machine interaction.
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SOURCE Algorand
