Italy Uses Blockchain in Agrifood, Finance & Insurance

Feb 25, 2019 at 09:21 // News
Coin Idol
Blockchain technology in Italy has managed to maneuver into an entrenched corporate environment, in startups and several fields such as Agrifood, finance and insurance.

Blockchain in Italy has managed to maneuver into an entrenched corporate environment, in startups and several fields such as Agrifood, finance and insurance. These sectors getting involved signifies productive ground for this nascent technology, that can be used to trace products in the supply chain and record transactions, Agenda Digitale reports.

The distributed ledger technology (DLT) is increasingly becoming popular in all corners of the world. Now, in Italy, the technology is being used in major sectors such as agriculture, finance, insurance, transport and logistic and many others. 

There are a series of firms which have adopted or tried it for their development and businesses. Nevertheless, the large-scale practicality of this innovative technology is still less known, therefore, training on the subject is valuable.  

At any rate, the strategy planned by the Italian government that with DL Simplification, it will facilitate the effective application of DLT for Made in Italy project – will be worthwhile. 

Thinking about the success of blockchain technology without considering and putting the human capital at the center, is not wise. In general, blockchain means the “shared trust.” 

Agrifood Companies Using Blockchain 

Starting from winemaking firms to large retailers, the giant companies which have started employing the technology in order to establish themselves in the Agrifood market are as many as grass. 

The Italian Agrifood companies that have heavily invested or using blockchain in daily activities include Volpone Cellars; Italian Wine Group; Rucci Curbastro, Ruffino & Torrevento; Coffee Roaster San Domenico; Carrefour; Barilla; Certified Origins; and Ez Lab. 

Finance Companies & Projects Using DLT 

The Italian financial sector uses DLT technology to effectively automate payment processes, carry out documentation and data transaction. 

The financial projects and firms adopting this significant innovation include Marco Polo; Intesa Sanpaolo & Eternity Wall; Borsa Italiana; R3; SIA; ABI Lab; We.Trade; and Creval. 

Insurance Firms using Blockchain Tech 

Great startups and insurance firms introduced a purpose at DLT for contract management such as smart contracts, and transaction registration. 

Some of the insurance bulls using the blockchain and smart contract technology to carry out their operation within Italy include B3i; AXA; Ania; Cargeas-BNP Paribas Cardif; Helverali Italy; Cattolica Assicurazioni; Sara; and Reale Group. 

Therefore, the focus on blockchain technology should be taken in a different angle from the current aspect for the country system to trust and believe in particular this initiative. In Dec 2018, Italy signed a positive declaration with Med7 countries, to create a group of high-level experts on the subject Blockchain at MiSE

It is very useful to promote the knowledge and the experimentation of evolving technologies at all stages and also guarantee that in the formation of a legal framework of reference, the maintenance of their distributed character is certain.

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