Algorand to support bank and insurance guarantees platform in Italy

Algorand to support bank and insurance guarantees platform in Italy

This is the first time an EU member state will use blockchain technology for bank and insurance guarantees, according to Algorand.

Layer-1 blockchain platform Algorand has been chosen as the public blockchain to support an “innovative digital guarantees platform” to be used in Italy’s banking and insurance markets.

The Algorand-supported platform is expected to launch in early 2023. According to Algorand’s Dec. 13 announcement, this is the first time a European Union member state will use blockchain technology for bank and insurance guarantees.

A bank guarantee is when a lending institution promises to cover a loss if a borrower defaults on a loan. It’s an alternative to providing a security bond or a deposit to a supplier or vendor. An insurance guarantee is similar but is offered by an insurance company rather than a bank.

Algorand said that blockchain technology was ideally suited for the “digital sureties” platform because of its fast, efficient, low-cost and scalable data transactions, as well as its ability to provide protection against fraud.

Source : [Algorand to support bank and insurance guarantees platform in Italy](cointelegraph.com/news/algorand-to-support-bank-and-insurance-guarantees-platform-in-italy) by Cointelegraph By Judith BannermanQuist - December 14, 2022

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