Italy prepares blockchain platform for digital guarantee agreements
Following a series of successful trials, Italian research centre Cetif and financial infrastructure company SIA planned to launch a platform in the second half of 2021 to manage banking and insurance guarantees using distributed ledger technology (DLT).
More than 50 market participants took part in the sandbox. Over four months, they processed more than 350 agreements with an average value of EUR 275,000, ranging from EUR 10,000 to EUR 1.4 million.
Participants reported that blockchain and DLT could reduce fraud by 30% and operating costs by between 10% and more than 50%, depending on transaction volumes.
Technical, operational and regulatory improvements were being made in response to trial feedback, with the aim of bringing the platform fully to market in the second half of 2021.
Mongolian Fintech Association