Digitalized management of sureties based on blockchain technology
Sureties requested by law are mandatory for certain types of economic transactions such as, for example, calls for tenders in the public sector, supply contracts between companies and in the payment of advances for the purchase of properties under construction between private individuals.
Sureties are linked to problems such as falsification of documents, frauds by unauthorized subjects, the processing of paperwork and the length of the issuance process.
The use of Distributed Ledger Technology (DLT) makes it possible to dematerialize the issuance process by banks, financial intermediaries, and insurance companies and certify the sureties unequivocally and irrevocably.
- a reduction of processing time in the various stages of the process
- elimination of manual errors
- prevention of possible frauds by unauthorized parties.