Surety Bonds: Bond Verification
The Surety Bond Verification solution is the first international blockchain application for the surety bond industry serving all entities by converging all channels, processes, and entities in a trusted and secure manner where data can seamlessly flow while ensuring the highest standard of data privacy and security. Power of Attorney and Bond delivery documentation is tracked and authenticated via non-fungible tokens (NFTs) on the Canopy platform, providing an industrywide accepted single source of truth across all geographies. The industry solution provides a “Double Guarantee” that given the Canopy key or QR code it always points the immutable and decentralized proof of the bond, dramatically increasing the level of trust.
Benefits:
Instant notification across multi-party channel
Ensures accurate and secure verification of data
Establishes trust and auditability
Reduces fraud
Engagement:
137 Global organizations participated in Phase 1
27 Organizations funded and participated in Phase 2 - proof-of-concept
Phase:
Phase 0 - Use Case Selection
Phase 1 - Kick-off & Design
Phase 2 - Proof of Concept
Phase 3 - Pilot
Phase 4 - Production
Phase 5 - Adoption & Run
Call to Action:
Reach out today to learn more about how you and your organization can get involved.