The Algorand-supported bank and insurance guarantee platform is expected to launch in early 2023
According to Algorand’s Dec. 13 announcement, it has been chosen as the public blockchain to support an “innovative digital guarantees platform” operating in Italy’s banking and insurance segments.
The platform expected to launch in early 2023 is developed by the Research Center on Technologies, Innovation and Finance of the Catholic University of Milan (CETIF). It is a part of Italy’s National Recovery and Resilience Plan, aimed to boost Italy’s economic recovery following the COVID-19 crisis.
It is expected that a significant percentage of bank and insurance guarantees will leverage digital ledger technologies (DLT). Algorand was chosen for its “unparalleled level of innovation,” fast, efficient, low-cost and scalable data transactions, as well as its ability to provide protection against fraud.