Apart from being completely applicable to cryptocurrencies such as Bitcoin, blockchain and internet of things (IoT) enthusiasts in Italy and the rest of the world see innovative technologies as a fundamental change in information management. Blockchain adoption globally is now over 44%.
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 Italian legislator, among the first in Europe, made attempts to regulate the smart contract and blockchain phenomenon, introducing the Simplification Decree 2019. The document defines the nature of financial technologies and provides a regulatory framework for them in Italy.
BitMax.io (BTMX.com), the industry leading next-generation digital asset exchange, has announced a strategic partnership with Fantom, the decentralized nervous system of the smart cities of the future, and the platform for nearly instantaneous payments. Fantom solves the problems of existing distributed ledgers such as Ethereum and Bitcoin, by utilizing its revolutionary technology on a global scale. The Fantom token was listed for trading on the BitMax.io exchange on March 12th 2019.
Recently, the blockchain argument in Italy reached all-time levels of hype and media exposure of national popular status. In fact, when you walk through the corridors of most popular supermarkets you will listen to the branded radio stations advertising the new chain tracking initiative via blockchain technology. The decrees present the instrument, but maintain a centralization which isn’t reflected in the technology model.
The world’s leading research and advisory firm Gartner reveals that more than 30% of the global customer base will be comprised of products that use blockchain technology as an operational technology so as to carry out all commercial operations.
Italy’s financial market has seen a lot of investments in different projects, including those related to blockchain. However, the vast majority of them have not approved the budget yet, with 2% of the IOC considering it an important thing to do.
According to the Polimi Observatory data, the most active firms are financial companies with 48%, public administration (PA) with 10% and 8% for logistics operators, but a lot still needs to be done: 60% of the total companies do not have a dedicated budget, and just 2% of them consider blockchain technology as a major priority.
The transport and logistics industry in Italy is trying to integrate its operations with blockchain technology. Boston Consulting Group (BCG) believes that in order to achieve this, it is very important for all actors in the industry to collaborate in the formation of the system that will bring confidence and mutual benefits on the entire value chain.