SIA unveils national blockchain project to manage sureties

SIA has confirmed the launch of an Italian national experiment to digitise the management of sureties using blockchain technology. 

In collaboration with Bank of Italy and IVASS, with the involvement of insurance companies, banks, financial institutions, public sector bodies and corporates, system experimentation will commence in January 2020.  

The overall motive of the launch is to decrease fraud within the space, placing a deepened focus on generating efficiency by dematerializing documents and facilitating information sharing among the players involved. 

It is promoted by CeTIF, SIA and Reply, in collaboration with Bank of Italy and IVASS, to digitize the management of sureties using blockchain technology.

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” 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.

It 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.