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. This is the first experiment in the public sector to certify the authenticity and issuing of surety policies through the use of smart contracts.
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.”, according to the press release.
„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.”, SIA said.
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.
„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.
Nicolò Romani, Head of Innovation SIA, talks about the extraordinary variety of business applications a permissioned blockchain infrastructure could lend itself to, the impact it will have in the financial sector and whether it represents a revolution at global level.
„For more than a week now, ScoreRise enrolls daily hundreds of users through an innovative facial recognition interface. Enrollment takes less than a minute and it does not require presence of a human operator or video recording. And, of course, it stays fully GDPR compliant with help from Reff & Associates and Deloitte Romania.”