IoT

Awareness and interest among Italian citizens, companies and institutions, is increasing steadily, but experimentation is not growing. The finance sector knows advantages of new hi-tech frontiers, like open banking, Bitcoin (BTC), smart contracts, artificial intelligence (AI), cryptocurrency, internet of things (IoT), blockchain and distributed ledger technology (DLT). Albeit, hazards, risks, technical difficulties and lack of necessary skills are major hindrances of growth and development of innovations in the country.

According to the research of the Internet of Things Observatory of the Politecnico di Milano,  the market favors the development of the Internet of Things (IoT) sector which increased by 35% last year. This technology can offer even more perspectives in the future, thanks to possible integrations with blockchain and artificial intelligence (AI).

According to reports, various types of companies in Italy have implemented innovative technologies such as Blockchain, the Internet of Things (IoT),  and “Industry 4.0”. Research has shown that 94% of Italian purchasing managers used a fintech at least once.

Blockchain technology, crypto, the internet of things (IoT) and artificial intelligence (AI) projects are among the major focuses of the Italian government since they are expected to play a big role in transforming the social, economic and political positions of the country. Innovative developments in these fields are registering progress and the country has tried to create a conducive environment for them.

2018 was definitely a positive year for the Italian crypto market as a whole, with a recorded growth of 2.7% compared to 2017. As for this year, a 2.5% growth was recorded, which is also a good sign, given the unfavourable circumstances. The crypto market may play an important role in preventing the negative economic situation that is expected for the coming months.

In this technology epoch, the phrase Internet of Things (IoT) is not new in the ears of many blockchain maniacs especially in Italy. Some of the major applications of this blossoming technology which will significantly transfigure people’s way of living include smart city, smart homes, driverless vehicles and resolving climate problems.

With the world running at a very high speed, it is estimated that by 2030, more than 70% of the existing jobs in Italy will no longer exist. This is a period of digital disruption – where technology including blockchain, internet of things, smart contract, artificial intelligence, and others, is at the center of everything. The change depends on available data and their value.

The latest data from market analysis and ICT consultancy operative holding company NetConsulting Cube shows that the blockchain market in Italy doubled to reach €31.0 million in 2018 – growing from €16.0 million in 2017 - and is still indicating significant growth over the next 3 years.

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%.