It has been discovered in the Casaleggio Associati annual report that Italy participates in eCommerce more than any other European country, and blockchain technology and cryptocurrency are part of this digital shopping, especially when it comes to tracking products and making payments for purchased goods.
Blockchain technology has played an important role in boosting the sharing economy’s technological infrastructure and developing innovative services in Italy since it is seen as the most suitable solution to major issues including security, privacy, transparency and interoperability.
The MiSE has partnered with SMI and IBM to design a blockchain project that will trace a product through every phase of production. Initially, the trial project will be supported by 30 companies and this number is expected to grow. The fashion industry will benefit from using the new technology most of all.
Italy launched a new Agid three-year Plan with public e-procurement in a key position of Information Technology and digital Public Administration (PA). Among the new measures mentioned in the Plan for innovation of public services, there is the shift towards the adoption of emerging technologies, like artificial intelligence and the Blockchain technology. Nevertheless, to avoid possible negative impacts of innovation, appropriate regulatory framework and training programs have to be created.
Recently, the Governor of Maryland, United States, Larry Hogan, officially signed a bill into law to amend the General Corporation Law of the state. Senate Bill 136 enables the industrial use of blockchain by private corporations to carry out proper and secure record keeping. The new amendments will come into force in October this year.
The Italian Ministry of Economic Development (MiSE) established a working group to explore artificial intelligence (AI) and blockchain possibilities to boost the country's development. The two groups of experts will be responsible for outlining regulatory frameworks and application scenarios that will help in creating the national strategies that will be sent to the European Commission.
Blockchain, cryptocurrency and distributed ledger technology (DLT) represents a technological revolution, but the utility of this innovation is not yet known by many people. It will change the future of Italian companies.
Financial institutions, including banks, are getting closer and closer to financial technologies (fintech) including cryptocurrency, blockchain, mobile payments and smart contracts, as they realize they have to keep pace with progress to make their work more efficient. A group of experts from Bank of Italy recently published a report dubbed "Banks and Fintech: strategies and business models" to explore the bond.
The Monetary Authority of Singapore (MAS), in collaboration with the Central Bank of Canada (BoC), experimented with making cross-border (international) financial payments using blockchain technology and CBDC, a digital fiat money created under the government’s regulation. This initiative will help increase payment efficiencies.