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BOSTON and MILAN, Dec. 13, 2022/PRNewswire/ -- Algorand Inc., a world leader in Layer 1 blockchain technology, has been selected to be the public blockchain to support an innovative digital collateral platform in Italy. The company joined the Bank of Italy and the Italian insurance authority IVASS today, along with more than 30 financial institutions, at an event in Milan to illustrate how bank and insurance guarantees can be issued on digital ledger technologies (DLT). ) also known as blockchain.
The event, organized by CETIF, the Research Center for Technologies, Innovations and Finance at the Catholic University of Milan, will include live technology demonstrations and presentations as part of a three-day forum. CETIF Advisory has led an ecosystem effort to develop an open blockchain-based "Digital Guarantees" platform that will serve the needs of the Italian banking and insurance markets.
The new platform is expected to be operational in early 2023 and will be the first time that an EU Member State will allow the use of blockchain technology for banking and insurance guarantees. Algorand is the only public blockchain that uses the Digital Sureties platform.
A significant percentage of bank and insurance guarantees are expected to leverage digital ledger technologies as part of Italy's National Plan for Recovery and Resilience (PNRR). The EU allocated approximately €200 billion to Italy, the largest allocation ever made to any country, to be used for joint grants and loans as part of the EU Recovery Plan. The EU launched the program, considered the most important stimulus package in the history of Europe, to boost economic recovery after the Covid-19 crisis. Blockchain is ideal for these types of programs given the technology's ability to provide fast, efficient, low-cost, and scalable data transactions. More importantly, digital ledger technologies help protect against fraud, a familiar challenge in the case of bank and insurance guarantees.
“We chose Algorand for its unmatched level of innovation and security among permissionless DLTs, as well as its leadership in sustainability,” said Federico Rajola, CETIF Professor. "Our goal is to help Italy not only recover from the economic impact of Covid-19, but also excel through innovation and leadership. Our ecosystem projects aim to help generate strategic platforms, such as the Algorand-backed Digital Sureties platform We believe that these platforms can contribute and will drastically contribute to the competitive sustainability of the country for the benefit of all."
“We are proud and honored to be the public blockchain of choice for Italy's Digital Sureties platform,” said Silvio Micali, Founder of Algorand Inc. “Through Algorand technology, we can help solve many critical issues faced by financial institutions and governments around the world today, providing opportunity and inclusion to communities in need everywhere."
About Algorand Inc.
Algorand is transforming economic models and economies of all kinds. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand's high-performance Layer 1 blockchain is unmatched in delivering fast, frictionless, and inclusive technologies. A recognized leader in sustainable technology with a commitment to interoperability and consistent delivery, Algorand is reshaping industries from TradFi and DeFi to start-up economies and beyond. As the technology of choice for more than 2,000 global organizations, Algorand is transforming the way 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 Technologies, Innovation and Finance of the Catholic University of Milan. Its mission is to accelerate and promote the evolution of the financial, banking and insurance sectors and their competitive capacity through innovation, digitization and business sustainability. It promotes research, organizes conferences, and offers more than 100 college-level courses to help shape future leaders. CETIF's work brings together leaders from academia, government and industry to contribute to the advancement of innovative thinking and technologies in the financial, banking and insurance sectors. Among the members of CETIF there are more than 50 banking, financial and insurance institutions, more than 30,000 high-level executives registered in more than 15 specialized communities, which generate more than 200 annual events, oriented to the evolution of the target markets. cetif.it
About CETIF Advisory
CETIF Advisory is a company derived from the University Research Center that focuses on turning academic research into practice, helping new technologies to emerge and consolidate in the market through ecosystem projects. CETIF Advisory currently focuses its activities on digital ledger technologies (DLT), artificial intelligence and advanced analytics, competitive, regulatory and HR assessment, benchmarking and human/machine interaction.
CONTACT: algorand@dittopr.co
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