Italy has for long been working hard to make the ends meet in the field of technology including Blockchain and cryptocurrency. Blockchain technology is a more ‘basic tech’ that has the capacity to create massive new technologies and many new bases for the world economy and other social systems, and due to this, it will overthrow several business models.
The wide use of blockchain technology halsen to cause significant advancements in the world supply chains, accounting, financial transactions and assets to social networks. This nascent technology can be effectively merged in various areas and its protocols aid firms to employ new ways to execute and manage transactions.
These are some examples of applications being looked at in Italy this year via projects startup: reward customer loyalty, track & project valuable products, finance, smart contracts, identity, internet of things, and digital government.
Loyalty programs have chop-chop launched themselves in the most wide-ranging sectors such as travel, financial services, retail and others. Through distributed ledger technology (DLT), one can develop an initiative that Rewards Loyalty program who cling to Bitcoin (BTC) or who for instance recruits a ‘new friend (s)’ into the program.
The fund can be spent to buy goods and services within the same program. A profit for a user subscribed to several loyalty programs can also receive refunds or exchange points of various programs via a single platform.
While using blockchain, counterfeit goods can be discovered and different systems can be launched to give no room for manipulations. The era of luxury goods you can effectively track the whole history of a commodity via blockchain technology converted into encrypted codes. For instance, it can provide total protection of copyright for works of arts.
The technology enables digitizing the shares of a corporation & transfer of shares into an online database that is accessible to every investor able to purchase and sell shares via a ‘digital wallet’ thus saving significantly on the costs of brokerage.
The DLT can give a ‘cloud storage’ secure, private & encrypted to share data, docs and enter into contracts. For instance, it can be employed to manage the transfer of ownership of both the movable and non-movable property.
Via the blockchain database, it is easy to register & secure digital identities. For example, authentication of reviews on social media.
With the IoT, it is easy to control and manage any type of system, the clear lights of a city to the burglar alarm. When this data is blockchain-based, then all data generated by the machines is authentic and a new value can be formed. For instance, a network of sensors can guarantee that perishable goods have been transported very well.
Every central or local public administration may adopt a collaborative platform to offer services to people hence reducing red tapism.
Using blockchain technology, secure electronic online voting is also possible which in the long run saves taxpayers’ money.
Considering the advantages of this virgin technology in Italy and the world at large, Innovation Club has formed a dedicated Observatory that focuses at coming together actives parties into blockchain technology.