Experimentation of the national project will start in January 2020, promoted by CeTIF, SIA and Reply, in collaboration with Bank of Italy and IVASS, to digitize the management of sureties using blockchain technology.
The “Fideiussioni Digitali” initiative (Digital Sureties) was born at the end of the feasibility study, which lasted about 4 months and involved around thirty major players in the insurance, banking and financial sector, the public sector and corporates.
The main objective is to reduce the number of fake sureties that, according to a recent investigation by the Italian Finance Police *, over the last 4 years amounted to 1.6 billion, in addition to generating efficiency through the dematerialization of documents. The initiative also aims at facilitating the sharing of information among the players in the ecosystem (guarantor, guaranteed party and contracting party) through the “notarization” of sureties, and at ensuring the security of the entire process.
The “Fideiussioni Digitali” solution will be developed as part of a “Sandbox”, meaning an environment in which to experiment on real data under the supervision of a scientific committee made up by Bank of Italy, IVASS, CeTIF, SIA, Reply and other participants.