Fideiussioni Digitali

2020: Creation of consortium

At the end of April, 2020 it became known that in Italy the new blockchain consortium was created from thirty banks and the organizations within the national draft of digital guarantees Fideiussioni Digitali.

The main participants are CeTIF (The research center of technologies), payment network SIA and technical company Reply which work together with the Central Bank of Italy, municipality of Rome and IVASS, the insurance regulator. The Italian financial police of Guardia di Finanza also joined them.

The Central Bank created blockchain consortium for fight against counterfeit guarantees

For the conclusion of the public and construction contracts sponsorial guarantees often are required. The supplier pays to bank or the insurer a certain amount which guarantees payments to the buyer if the supplier will not execute the contract.

At the end of the 2010th in Italy fraudulent guarantees widely extended. In four years the volume of counterfeit guarantees was $1.76 billion. However when using a blockchain, sponsorial guarantees will notarially otsifrovyvavatsya and be certified for confirmation of legality of the guarantor. Though fraud prevention is considered a basic reason of implementation of a blockchain, the solution will also allow to increase efficiency and transparency of all system in general.

The consortium already carried out the feasibility statement. The next stage is development a solution blockchain. Legally valid guarantees will be loaded into a blockchain since July-October, 2020.

Besides, by the end of April, 2020 in the world are developed two more a blockchain project, the concerning sponsorial guarantees. One them develops Accenture also insurance company Zurich Insurance, and another is created for development of the real estate in Australia with participation of Scentre Group companies IBM, ANZ, Commonwealth Bank and Westpac.^[1]

You look also the Blockchain and cryptocurrency

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