Enterprise 4.0. Blockchain is being pushed forward by the government of Italy and it seems it will cause a positive social, political, economic and technological change in the country within this very year, Key4Biz reports. Blockchain technology can be represented as an ever-growing list of inter-connected blocks and made more secure by the use of cryptography. The information stored on this technology is regarded as incorruptible.
The adoption of blockchain technology will likely bring positive advancements to global supply chains, distributed social networks, financial transactions and accounting assets. Blockchain can be successfully integrated into various fields and its protocols make it more easy for several firms to employ new ways of processing and managing digital transactions.
These are some examples of the major applications being applied in Italy this year via startup projects: finance; prize loyalty of customers; tracing and protecting value products; identity; digital government; and the internet of things, as Coinidol also reported on Jan 26.
These days, loyalty programs have hastily launched themselves in a variety of sectors including travel, financial services, retail, etc. Using distributed ledger technology (DLT), one can develop an initiative which rewards Bitcoins (BTC) for adhering to a Loyalty program and even attract more friends to the same Loyalty program. The crypto can also be used to purchase goods and services in the same program.
With the help of DLT, counterfeit goods can be effectively identified and systems can be developed to make counterfeiting impossible. It can also be used to trace the whole story of a good translated into an encrypted code. For instance, one can provide total copyright protection for works of art, not forgetting the payments by people that use a copyrighted work.
The technology enables us to digitize the actions of a firm and transfer them to an online (hot) database which is accessible to all investors who are then able to buy and sell shares via a ‘digital wallet’ hence saving significantly on brokerage costs. Considering this model, the tag of an athlete can be successfully transformed into ‘virtual actions’ where fans, supporters and enthusiast can invest.
It is very easy to offer a safer private and encrypted ‘cloud storage’ to share data, docs and specify valid contracts, all with the help of blockchain technology. For instance, nations where cadaster and register services are lacking, a digital platform can be created to handle the transfer of ownership of non-movable and movable assets.
Via a DLT database, digital identities can be properly recorded and safeguarded: on websites and social media, in this manner conversations in the ecosystem become traceable and more secure, for example, the use of blockchain technology for authentication of reviews.
Currently, with the IoT, one can manage any kind of system, ranging from street lights to company alarms. When this data is blockchain-based, all the information generated by machines becomes authentic and hence new value services can be produced. For instance, a sensor network can ensure that a spoilable commodity such as vegetables has been transported in the right manner.
Without exception, central or local public administration can outfit itself with a collaborative platform to offer several services beneficial to Italian citizens: ranging from bureaucratic management to conflict resolutions. Using blockchain technology, it is achievable to launch a safer online voting system to facilitate participation in public decisions.
As Coinidol recently reported, the Government of Italy is implementing blockchain technology to develop e-voting such that the citizens living abroad can have a chance of voting and also reduce the number of invalid votes from 10% to almost 0%.