How Italy Uses Blockchain Technology & Cryptocurrency

Blockchain technology is the phenomenon behind the most popular cryptocurrencies such as Bitcoin, Ethereum and Ripple, as it was apprehended by Satoshi Nakamoto in 2008. Distributed ledger technology (DLT) is an effective communication and data exchange protocol designed in a series and chains of blocks. Italy is the fourth country in the world as far as the use of Bitcoin is concerned.

It is now competing with countries such as Japan, United States, South Korea and The Netherlands in the use of cryptocurrency to carry out business, transactions and other forms of payments. 

The “block chains” that attribute, provide and characterize the name to the technology keep all the validated and authenticated transactions. The network system is immutable, absolute, decentralized, protected and transparent. 

Blockchain is a factual revolution which is not limited however to the era of digital currencies. The features of this nascent technology can be applied in several important parts of day-to-day life. Here are some of the areas that can use blockchain technology on daily basis and achieve success. 

Banking and Finance 

Blockchain technology, particularly cryptocurrency, is coherently used in this field. Since there are no intermediaries in digital currency payments and transactions, charge and commission costs are condensed to near zero. A user can achieve faster, swift and lesser-cost transactions. 

Now, banking institutions in Italy are changing to blockchain (fintech) to meet compliance and obligations in order to ensure endurance and perform in the market. 

Insurance 

Averting fraud, scam and lowering the costs of management platforms. 

VAT and Businesses 

Conducting business management plus standardizing intellectual property for several freelancers and various digital personnel. 

Health 

Developing medical records in a shareable, secure and immutable database which can be consulted, referred to and accessed by medical workers. With the prospect of understanding the overall clinical history, record and progress of the patient. 

The healthcare industry in some countries such as the U.S, Italy and others, has been experiencing difficulties in managing patient data when every hospital, therapist, health personnel, insurance firm, medical office, doctor and pharmacy demands diverse pieces of info to effectively care for patients. The healthcare sector is delving into blockchain technology.  

Retail 

Advance user experience in stores and make payments quicker and more secure. 

Public Administration (PA) 

Acquire a safer and shared digital identity with swift access to PA information. It makes the paperwork more rationalized and express. 

The Municipality of Bari together with SIA – a hi-tech company, launched a DLT-based project aiming to digitize the practice of handling guarantee policies including public administration processes – in order to eliminate manual errors and forfend fraud. 

Human Resource Management 

Check the authenticity of former work experience and prove the curriculum.

Agrifood 

Authenticate the certification of agricultural commodities and traceability, along the whole supply chain. 

Since Italy is among the top 3 European countries in agricultural production, digital innovations, especially blockchain, have entered the Agrifood chain with very many solutions hence setting competition in the sector, as reported by Coinidol on Feb 18.

Insurance 

Lower the costs of management platforms.

Automotive 

By connecting various vehicles to each other, for instance, experiments can be advanced for driving with autopilot. Blockchain can help identify counterfeit spare parts in the market. 

As reported by Coinidol, electric scooters started travelling through the city of Milan, Italy with the help of Blockchain technology. The ministry of infrastructure and transport is trying to enforce the ministerial decree in order to regulate its use on the road routes.

Source text:  https://it.coinidol.com/come-italia-usa/