Search results for simplification decree

The amendment to distributed ledger technology (DLT) simplifications on the technologies which are based on registers including blockchain, which were approved in the Senate, carry many potential problems, both substantive and formal. As a matter of fact, several use cases of blockchain technology are basically wrong.

The Italian Senate Committee legally approved an amendment on blockchain technology, but it still requires the approval of both Parliaments before being enforced. The Constitutional Affairs and Public Works – the 8th Italian Senate Committee recently approved a legal amendment on blockchain, which is the only real new industry legislative for Italy.

Research conducted by IDC last year shows that 75.5% of companies worldwide believe blockchain technology will facilitate their Digital Transformation initiatives for the next half a decade. In Europe, however, uptake is still very low, the percentage of firms which are conducting pilot projects in blockchain makes around 9% of the total number interviewed, according to a report by Tech Economy.

The first go-ahead for blockchain technology regulation in Italy, and smart contracts amendments to the Simplification Decree, finally happened on January 24. The proclamation was officially released in the Senate & the Italian Parliament on Wednesday, according to the Italian newspaper Sole24ore.

Zero paper is required in the digital exercise and blockchain technology legal validity of smart contracts in the suggested amendments that were officially presented to the Senate. €750,000 allocated for startups. The M5S group presented two important amendments to the “simplification” law decree, that is now under a thorough examination by the Constitutional Affairs & Public Works commissions of the Senate.

Italy has been trying to keep pace with technological progress. That is probably the most obvious reason for the country’s government to support the development of blockchain, IoT, AR/VR and other innovative technologies.