Blockchain & Cryptocurrency to Change Global Position of Italy

Apr 19, 2019 at 11:15 // News
Coin Idol
In future, everything physically existing in Italy will be changed into data which will be connected together by the use of innovative technologies such as AI, blockchain, IoT and big data.

Blockchain technology, crypto, the internet of things (IoT) and artificial intelligence (AI) projects are among the major focuses of the Italian government since they are expected to play a big role in transforming the social, economic and political positions of the country. Innovative developments in these fields are registering progress and the country has tried to create a conducive environment for them.

In future, everything physically existing in Italy will be changed into data which will be connected together by the use of innovative technologies such as AI, blockchain, IoT and big data. Artificial intelligence is certainly intended to transform the social fabric. It is an inordinate opportunity to intensify prosperity and has the potential to spawn gigantic benefits, it indeed appears as one of the greatest auspicious technologies.

Blockchain is actually a public register, a digital ledger, in which the data of the transactions conducted, that are marked by a timestamp, are entered, stored and then consulted. The privacy of the transaction is ensured by the help of cryptography for the activities carried out in the connected blocks. The blockchain transactions are very secure, immutable and transparent. 

Sectors Using Blockchain 

In Italy, blockchain and distributed ledger technology has been widely used in different sectors such as finance and banking (to maintain a high degree of dependability of transactions), healthcare (to manage medical data of patients), energy (especially solar, making energy a peer-to-peer [P2P] transaction), agriculture (like tracking wine products), smart contracts, the records market (it is possible to automate the payment of copyright), voting (valid voters/citizens living outside the country), tourism, transport (life cycles of cars can be verified using digital vehicle dossier), supply chain and others. 

Previously, Italy was planning to integrate the technologies (blockchain, AI and IoT) in order to come up with a more modern innovations. Recently, it was discovered that Italy lost over 10 billion euros in cybercrime like online fraud, industrial illicit activities, money laundering, and others – World Economic Forum report shows. 

Digital Culture in Italy 

The underlying technology seems to be promising and exciting, however, it carries some risks since it is still young. Robotics and other intelligent systems connected to the distributed ledger tech, AI, IoT network system also have risks and can cause some danger, so attention has to be paid to them and risks remedied. 

That is why it is advisable to first look for news that are related to any vulnerabilities, dangers and risks before purchasing related products. 

According to the ISTAT report, Italy is among the countries with poor performance when it comes to the adoption of ICT as compared to other European countries like U.K, France and Germany. In fact, the digital culture of the Italian citizens, businesses and companies is generally very low and insufficient. Basing on the Digital Innovation Scoreboard of 2018, Italy in the 25th position in the European Union. 

The vast opportunities from technological innovations should not be the privilege of all those that are in position to take advantage of these particular resources. Digital culture encourages social acceptance of technological innovations by allowing everyone to vigorously take part in a digitized society, and further helps citizens to become more aware of what is happening in the world especially in the field of technology. 

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