Connect with us

Top Stories

Digital pa: the municipality of Bari and Sia start up the first blockchain project in Italy to manage sureties

How Civilised Blockchain Can Empower the Future of Finance

This is the first experiment in the public sector to certify the authenticity and issuing of surety policies through the use of smart contracts

SIA’s blockchain infrastructure will allow the Municipality of Bari to digitize in total security the administrative processes related to sureties and achieve greater efficiency, eliminating manual error and preventing fraud

Antonio Decaro_Mayor of Bari

Antonio Decaro_Mayor of Bari

The Municipality of Bari has started up in collaboration with SIA – the leading European hi-tech company in the payment services and infrastructures sector – a project based on blockchain technology that aims to digitize the process of managing surety policies.

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.

This innovative project will contribute, among other things, to reducing 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 the SIAchain technology infrastructure designed and implemented by SIA to support the development and implementation, in a secure and protected manner, of innovative applications based on blockchain, such as for example smart contracts able to verify agreements and contracts automatically.

Nicola Cordone CEO SIA

Nicola Cordone CEO SIA

“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. 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”, commented Antonio Decaro, Mayor of Bari.

“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 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”, stated Nicola Cordone, CEO of SIA.

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now