In this technology epoch, the phrase Internet of Things (IoT) is not new in the ears of many blockchain maniacs especially in Italy. Some of the major applications of this blossoming technology which will significantly transfigure people’s way of living include smart city, smart homes, driverless vehicles and resolving climate problems.
According to our recent report, the blockchain market in Italy multiply day by day, with the figures showing that there was a double in the market last year to make €31 million and expecting to increase further in 2020 to generate €92 million.
Let’s see some of the benefits of this technology that we can take advantage of in order to make our lives stress free and the world a better place to live in.
Very many companies and individual have been on possible way of solving daily problems using innovative technologies such as blockchain, IoT, artificial intelligence, smart contract, machine learning and others, but mass dissemination still remains a big challenge.
This is largely because of two major components: security and data transmission capacity. In order to run at full capacity, IoT needs a highly effective connective system to enable all objects connect and communicate in real time between themselves.
As Italy plans to introduce 5G technology, it will work hand in hand with distributed ledger technology and make a great change in the IoT sector. The 5G technology has a great energy saving potential plus a higher speed compared to 4G technology, and this will ultimately enable wide-ranging use of several IoT devices. The devices will as well benefit from the security, decentralization, distribution and immutability of the distributed ledger network system.
The combination of these three things – blockchain, 5G tech and IoT – appears perfect to bring a new market of significant opportunities and investment growth.
Numerous internet of things and blockchain-related projects are under consideration – especially in the city of Verona and Milan. Generally, Italy is moving in the right direction, though at a slow pace, as far as innovation and technology are concerned.
The use of blockchain in Italy is spreading like a wildfire, it is now being used in a series of sectors such as supply chain, tourism, insurance, energy, art, banking, tax authorities, smart contracts, agrifood, logistic & transport and others. The Italy is seeking for best methods of integrating distributed ledger and IoT to bring a fundamental change in the country.