Skip to main content

Italy Partners With Algorand to Bring the Blockchain to Banking Systems

By

Italy has chosen the Algorand blockchain to bring about improvements in the existing banking systems starting in 2023. With this, Italy will officially become the first member nation of the European Union (EU) to mix blockchain with its financial and insurance systems. The blockchain technology, that also makes for the underlying technoloy used by cryptocurrencies, is now being examined by several countries to increase transparency in the banking sector.

Essentially, Algorand will support an upcoming digital guarantees platform in Italy to issue bank and insurance guarantees on blockchain, which is a digital ledger technology (DLT).

Insurance or bank guarantees are commodities promised by banks or insurance firms to mitigate losses in case of a loan default. A blockchain twist to the issuance of these guarantees could make the records more immutable, and hence more transparent.

"Our goal is to help Italy not only recover from the economic impact of COVID-19, but also excel through innovation and leadership. Our ecosystemic projects are meant to help generate strategic platforms supported by Algorand. We selected Algorand because of its unparalleled level of security among permissionless DLTs, and because of its sustainability,” said Federico Rajola, Professor at the Research Center on Technologies, Innovation and Finance of the Catholic University of Milan (CETIF) in a press release.

Members from Algorand, the Bank of Italy, and the Italian insurance authority IVASS met in Milan this week to discuss the use-cases of blockchain in the banking sector. Over 30 financial organisations were also part of this meeting. The official Twitter handle of the Layer-1 blockchain platform announced this development on Tuesday.

Earlier this year, Italy's Ministry of Economic Development planned to invest $46 million (roughly Rs. 360 crore) in subsidies for developing projects around blockchain technology as well as Artificial Intelligence (AI), and Internet of Things (IoT).

This month, Italy proposed a draft crypto law bill that would allow the country to levy a 26 percent tax on crypto profits exceeding over $2,000 (roughly Rs. 1.62 lakh).

Italy's Algorand-supported platform is expected to come into existence in 2023.

Released in 2019, Algorand is a green, proof-of-stake (PoS) blockchain. The developers of the blockchain claim to enable the convergence between decentralised finance (DeFi) and traditional finance.

Recently, the blockchain was also chosen by the Maharashtra government in India to store and support health data as NFTs.

Affiliate links may be automatically generated - see our ethics statement for details.

Adblock test (Why?)



from NDTV News- Special https://ift.tt/vjce3UA https://ift.tt/qFgKPRe
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Barcelona Coach Xavi Banned For Two Games For Red Card In Season Opener

By
File image of Xavi Hernandez © AFP Barcelona coach Xavi Hernandez will serve a two-match suspension after being sent off in his team's La Liga season opener against Getafe, it was announced Wednesday. Xavi was punished for his touchline behaviour during Sunday's 0-0 draw at Getafe, in which Barcelona winger Raphinha also received a red card in the first half for elbowing an opponent. Former Barcelona midfielder Xavi was dismissed with 20 minutes to play after leaving his technical area to remonstrate with the fourth official over a refereeing decision. Referee Cesar Soto Grado said in his report that he had already warned Xavi, who was critical of the officiating in his post-match press conference. Xavi and Raphinha will both miss Sunday's game against Cadiz and the trip to Villarreal on August 27. Topics mentioned in this article Adblock test (Why?) from NDTV News- Special https://ift.tt/rYApZUa https://ift.tt/OEf5L2w via IFTTT
Post a Comment
Read more

Mob Attacks Hindu Procession In Maharashtra's Thane, Case Filed: Cops

By
The incident took place on Sunday night on Lodha Road, police said. (Representational) Thane: A mob of 50-60 persons was booked by Mira Bhayander Vasai Virar police in Thane district for allegedly assaulting a man who was part of a procession on the eve of the idol consecration of the Ram Temple in Ayodhya, an official said. The incident took place on Sunday night on Lodha Road and as per the complainant the mob armed with iron rods, sticks, bats shouted religious slogans and assaulted him when he was part of a procession comprising three vehicles and 10 two-wheelers, the official said. They vandalised the car with stones and sticks, the man said in his complaint to Naya Nagar police station. "A case of attempt to murder and other offences has been registered against a mob of 50-60 persons. Further probe is underway," the official added. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) Adblock test (Wh
Post a Comment
Read more

Twitter Launches Verified Accounts In 3 Colours

By
All verified individual humans will have same blue check on Twitter, Elon Musk said. Washington: Twitter's updated account verification program has finally launched. Earlier, every account had a blue tick now there is a development in which some accounts have turned Gold. Last month, CEO Elon Musk, took to the microblogging site to make the announcement. "Sorry for the delay, we're tentatively launching Verified on Friday next week." he posted. "Gold check for companies, grey check for government, blue for individuals (celebrity or not) and all verified accounts will be manually authenticated before check activates," the SpaceX owner added. He had earlier tweeted about the usage of different colours for different organisations and individuals but fleshed out the details just recently. "All verified individual humans will have same blue check, as boundary of what constitutes "notable" is otherwise too subjective." He tweeted. Ac
Post a Comment
Read more