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Up to now, it is not yet well known what technical standards blockchain technologies must meet to produce the legal effects of electronic time validation. However, it seems that in the near future, Italians will need blockchain to carry out digital notarization and copyright protection.

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.

Blockchain technology and cryptocurrencies including Bitcoin brought some awareness to people in Italy, of how this computer technology does not need large infrastructures like those of banks to operate or to be used. The technology depends on the sharing and distribution of data to ensure their immutability and to provide them in a particular sense of the official character.

The management of digital identity on the blockchain through smart contracts must essentially split the difference with full decentralization - the requirement for sufficient legal assurances of transactions achieved via smart contract doesn’t appear to be able to work without steadfast third parties, particularly when there are tax effects.

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 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.