Hi,

it’s Tuesday, let’s have breakfast together! Today I’m talking about the digital guarantees managed with blockchain.

Despite the health emergency, on which I am constantly working, relevant sectors of the economic system are continuing their development. Especially those of new technologies have indeed had a strong push forward from the current crisis. One example is that of the blockchain, and specifically in the area of digital guarantees.

Digital guarantees managed with blockchain: it concerns both consumers and businesses as well as financial operators.

Understanding the practical applications of blockchain technology is not always easy. Although there are already such applications and many others are being studied and experimented with.

The Catholic University of Milan together with other players has carried out the so-called “Digital Guarantees”; project based on blockchain. The main objective of the project is to fight fraud, increase efficiency in information workflows and develop new forms of information sharing.

In addition, the Bank of Italy and Insurance Surveillance Authority are planning to collaborate on a national experiment that will digitalize the management workflows of guarantees on the blockchain platform.

The project aims to involve various realities such as insurance companies, banks, financial institutions, public administrations and private companies and comes after a feasibility study that involved about thirty primary subjects and lasted about 4 months.

Their operation in fact be significantly improved with the dematerialization of the issuing process by banks, financial intermediaries, insurance companies and with the aim of certifying such guarantees in a unique and irrevocable way, reducing the management time of the different phases, manual errors and preventing possible frauds, for example related to the presentation of false documents.

Higher security in this sector is also achieved by combating false guarantees which, according to the Italian Financial Police, have reached a value of 1.6 billion euros over the last 4 years. But the benefits, besides the themes of security, also materialize in the review of the information “chain”; composed of guarantor, guarantee and contractor who can have a new modality of management and sharing of information.