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 sharing economy technological infrastructure uses the technology to develop groundbreaking innovations in various sectors including welfare, intellectual property, notarization processes, industrial production, etc.
All those people in Italy who know how to properly interpret the role of first innovator will be in a position to benefit from the creation of new ecosystems to the detriment of traditional ones including the utilities company integrated with telecom, smart grid and others. In the telecom industry, blockchain solutions are being studied in the field of programmatic advertising, roaming of telephone services, tracking of operations on telephone networks.
The technology is being used in many fields to serve different purposes such as tracking and tracing of production and supply chains like those of agrifood (vegetable, fruits, cereals, meat, fish, dairy, etc.), wine, and others. Using the technology the final consumer can be able to determine the origin of the product, product’s date of manufacture, expiry date, collection, etc.
It is also being used in the virtual notarization of vehicle data especially within the decentralized facility that enables the creation of an interoperability ecosystem. Using the blockchain digital vehicle dossier, a driver or the owner of the car can easily verify the life cycle of the car, also allows to develop new value-added services like mileage self-certification, enabling new audit certificate, etc. The project will revolutionize the entire automotive industry.
Last year, the European Union rolled out an observatory to monitor and discover how to apply the technology in the field of welfare services as well as institutional transparency. Italy is currently creating a unique European identification code which allows the interoperability of welfare service.
Blockchain is also being used by tax authorities in Italy to prevent and reduce industrial tax evasion that has been hindering the economic growth of the country. When it comes to the Security and Defense Field, the country’s Air Force is exploring the technology in areas of maintenance, order management, inventorying, procurement and supplier management.
The market for blockchain products and services in Italy is expected to increase from $706 million last year to more than $100 billion by 2024. According to the World Economic Forum, it is estimated that by 2025 around 10% of world gross domestic product (GDP) will be entirely related to activities that use distributed ledger technology, as Coinidol reported. The best time to venture into innovative businesses was ten years ago, but the next best time is today.