Blockchain in Italy has managed to maneuver into an entrenched corporate environment, in startups and several fields such as Agrifood, finance and insurance. These sectors getting involved signifies productive ground for this nascent technology, that can be used to trace products in the supply chain and record transactions, Agenda Digitale reports.
IBM Studios, a gigantic space in fast-developing Italy, will open its doors this March to welcome specialists in AI, blockchain, cloud computing, Internet of Things (IoT), and many other digital technologies. The initiative is aimed at facilitating the process of the digital transformation of the country’s systems.
The transport and logistics industry in Italy is trying to integrate its operations with blockchain technology. Boston Consulting Group (BCG) believes that in order to achieve this, it is very important for all actors in the industry to collaborate in the formation of the system that will bring confidence and mutual benefits on the entire value chain.
The growth in the use of blockchain and smart contract adoption in Italy is being facilitated by changes that are being brought by the DL Simplification Decree 2019, which recognizes them to be equal to traditional written contracts or documents.
Italy has a great number of successful blockchain projects related to efficient energy management, notably in smart cities such as Bologna, Milan, and Venice. However, only 5% of the ventures involved in the energy sector take advantage of digital technologies and fintech.
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.
Blockchain technology has attracted the legal and regulatory attention of several governments and institutions and definitely epitomizes the model of contemporary evolution and fruition of the internet in the process of growth and development of innovative digital technologies.
It is predicted that, by 2023, alternative assets such as crypto (Bitcoin, Ripple, Ethereum, Litecoin and others), precious metals and other collectables will amass 14,000 billion USD of the Italian market with a growth rate (GR) of 59% as compared to 2017, gathered and managed by 34,000 investment firms and managers worldwide (up 21% compared to last year) - according to the Prequin report.