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Fintech based on distributed ledgers is conquering textiles thanks to the Italian Ministry of Economic Development (MiSE) project. By making different parts of the supply chain communicate with certain and non-modifiable data, it provides an additional tool to the brand and a weapon against the counterfeiting market.

The distributed ledger technology (DLT) or Blockchain for the traceability of Made in Italy, is the project launched by the Ministry of Economic Development (MiSE) in collaboration with IBM and representatives of the Italian textile production chain. The aim is to defend the excellence of locally manufactured products and services on international markets, combat counterfeiting and support the competitiveness of manufacturing companies.

Minister Luigi Di Maio, a popular blockchain technology advocate has lost his ministerial post in the Ministry of Economic Development (MiSE) in Italy but has gained another chair: in Pd-M5s.

Italy is at the forefront of the Belgium-based distributed ledger technology (DLT) initiatives to test the use of blockchain technology systems and their prospective significance.

The Made in Italy project aiming at using blockchain to protect goods and services produced in the country, has returned to parliament for further reinforcement. It is a modification to the growth decree, that has brought Five Star Movement (M5S) in the Budget and Finance committees, to resuscitate the issue that had appeared from the draft of the provision before the launch by the Council of Ministers. Other major amendments including internationalization and stabilization of the Made in Italy Plan are also underway.

In an effort to have zero tolerance for fake Made in Italy products, the government, through the ministry of economic development (MiSE), 5 Star Movement (M5S) and other authorities, is exploring the potential of blockchain and distributed ledger technology.

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.

A pilot blockchain project set to provide products of Italian textile industry with a traceability feature, which will defend the Italian brand, has been presented by the Ministry of Economic Development (MISE) on March 13. The fintech initiative is planned to become a role model for all other industries manufacturing Made in Italy products.

The meeting on the Pilot Project to accelerate the use of Blockchain for the protection of Made in Italy will be conducted from Parlamentino hall of the Ministry of Economic Development (MISE) is scheduled for March 13, 2019. And it is precisely on this theme that the start of the Pilot Project promoted by MISE is focused to exploit the Blockchain technology for the creation of new forms of protection of Made in Italy.