SIA launches “SIAchain”, the new infrastructure based on blockchain technology for financial institutions

SIA has designed and produced a new platform called “SIAchain” to support financial institutions, corporates and public administration bodies in developing and implementing, in a secure, protected way, innovative applications based on blockchain technology.

Improvement and simplification of processes, optimization of costs of management and infrastructural investments, sharing of technological knowhow – these are the main factors which have led to the rapid growth of interest in the disruptive phenomenon of blockchain. A recent report by the World Economic Forum (WEF) estimated global investment in this technology by companies and organizations over the past 3 years to be 1.4 billion dollars.

”Thanks to the private infrastructure SIAchain, which could use approximately 580 European network nodes within SIAnet – the fiber optic network with high speed and low latency stretching over 170,000 kilometers – a series of business applications will be launched and made available where distributed ledger technology (DLT) represents an emerging innovation to meet the requirements of specific communities of registered, approved members. In addition, SIA guarantees the organization of these communities in a context of transparency, confidentiality and security.”, according to the press release.

Company says that SIAchain can be employed in various areas such as automated check of agreements and contracts (so-called “smart contracts”), management of bank, financial and insurance services (in the case of mortgages, policies or credit risk analysis), management of digital identities (checks and records of authorized accesses to systems and applications), tracking of ownership of goods and property (“smart property”), management and recording of government, health and administrative data, etc.

„SIA is continuing in its traditional path of innovation through the development of a technology infrastructure capable of supporting communities belonging to different product sectors in the implementation of applications based on open organizational logics,” commented Massimo Arrighetti, CEO of SIA. „The new architecture, thanks to its unique technological characteristics, is also an advanced tool with high performance and safety features.”