M5S to Apply Blockchain to Financial and Agrifood Industry

Blockchain technology is already known to the Sardinian agribusiness. The law proposal presented by the M5S regional councilor Alessandro Solinas, aimed at creating a multifunctional regional IT platform able to reconstruct and follow the path of food through all stages of production in Italy, is an ambitious and great potential goal from the farm to the fork.

It is a unique system for the traceability of products capable of integrating the current systems used for food safety and labeling.

The Blockchain technology is an open public register, used for the management of shareable transactions, structured in blocks linked together in a network and capable of guaranteeing the authenticity of the information contained, a technology that not only serves to guarantee greater reliability to financial transactions but allows safe and rapid exchanges for any type of information.

Making Life Easy with Blockchain

Businesses will be able to join the regional platform for free and consumers will be able to consult their information via smartphone, generating a virtuous process that can make the history of Italian products unique.

The country will also be an active part, as it will not only undertake to promote the Blockchain platform but also to guarantee an accurate promotional activity of the Made in Italy products, through the creation of a logo able to best define its identity and help consumers and other people to remember it.

Traceability processes must fit into the distribution chain in order to guarantee the transparency of food products on an informative level, thus allowing all operators to innovate in a virtuous manner, and consumers to feel more confident in the purchasing processes. The country needs technologies to support food traceability, as Coinidol.com, world news outlet, previously reported. It is able to help not only to uniquely identify the products, but also facilitate supply chains to move products quickly and more efficiently.

Transformation Through Innovations

The application of Blockchain to the Agrifood sector offers the opportunity to rethink the labeling system at a functional level: through intelligent labeling that uses already established technologies such as the Quick Response Code, and blockchain, consumers will have the ability to trace and know the origin of the products they intend to purchase, and have a whole series of information on the product's passage from birth to packaging, from transport to sale.

Generally, the objective is to exploit the best technological innovations and use them at the service of producers and consumers. Their introduction can be assimilated to a new form of democratic control, able to guarantee everyone the possibility of verifying, controlling and having total transparency on the acts and decisions taken by all the subjects in the chain. In this historical moment the great Blockchain revolution is a great opportunity for Italy.