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Italian city digitizes surety policy management on the blockchain

Tony Zerucha

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The Italian city Bari has started up in collaboration with fintech firm SIA to utilize blockchain technology to digitize surety policy management.

Nicola Cordone

“This is the first experiment in Italy of use of Distributed Ledger Technology (DLT) relating to sureties in the public sector that will allow the Municipality of Bari to dematerialize the issuance process by banks, financial intermediaries, and insurance companies and certify the sureties unequivocally and irrevocably,” SIA said in a release.

This project will reduce the processing times of the various phases, eliminating any manual errors and also preventing possible fraud by unauthorized parties related to the presentation of false documents. The experiment will make use of SIAchain technology infrastructure to support the development and implementation of techniques such as smart contracts to automatically verify agreements and contracts.

“The project we have undertaken in collaboration with SIA will allow us to implement policies on the development of new technologies with significant progress in digitization and in the belief that, by increasing our experience in the use of DLT, we can support the work of PA bodies while triggering unprecedented technical and employment scenarios,” Mayor Antonio Decaro said. “We want this initiative to develop and generate value, both in the public and private sectors, and drive other public administration bodies to start up similar projects. Bari has already taken up the challenge of innovation.”

“The launch of the blockchain project with the Municipality of Bari represents a milestone in the field of digital PA in Italy as it shows that local authorities have the potential to improve and simplify complex administrative procedures by investing in new technologies,” SIA CEO Nicola Cordone said. “SIA supports the public sector in this path of innovation with the conception and development of initiatives, in protected mode, which are part of a broader digitization program of the country. We strongly believe that the SIAchain infrastructure, thanks to its high performance and safety features, offers significant benefits.”

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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