Italian payments outfit SIA has teamed up with the Municipality of Bari to use blockchain technology to digitise the process of managing surety policies.
Using SIAchain technology infrastructure, the experiment aims to let the Italian city dematerialise the issuance process by banks, financial intermediaries, and insurance companies and certify the sureties unequivocally and irrevocably.
By using smart contracts, SIA says Bari can reduce processing times, eliminate manual errors and prevent fraud by unauthorised parties using false documents.
Nicola Cordone, CEO, SIA, says: "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."