Italian energy sector is is exploring the potential of blockchain and distributed ledger technology for its potential to transform and improve the industry. The country starts a project that would allow Italians to pay utility bills with cryptocurrency.
Let’s analyze the objective and most interesting legal issues in the field of blockchain technology, particularly smart contracts, based on a report dubbed "Smart contracts: A legal analysis", published by the Blockchain & Distributed Ledger Observatory of the Politecnico di Milano. Also, the responsible authorities in Italy will discuss this report on Friday 17, 2020.
Making a digital payment, e.g. using cryptocurrency is still, for many Italians, an operation that could potentially be a security risk. To highlight it is a study conducted by Luno, a company specialized in cryptocurrencies, through the Dalia Research platform on a sample of a thousand people for each of the countries taken into consideration are Italy, France, Indonesia, the United Kingdom, Malaysia, Nigeria and South Africa.
The year 2020 is most likely the period that will allow us to truly understand the potential of blockchain and its prospects in this world, which depend very much on the ability to overcome the logic that have led so many actors to believe in the potential of the cryptocurrency and blockchain, but to invest and create a new platform every time.
The big platforms are working to modify the basic protocol to improve performance using blockchain and other distributed technologies. Alongside this, there is also the commitment of the big web and digital companies that have chosen to start projects on the blockchain and cryptocurrency.
Many times, to explain the uncertainty of companies and organizations in understanding the benefits of digital innovation, information asymmetry has been spoken of. The value of innovation including cryptocurrencies and blockchain technology, so often, could not be perceived as such by businesses, organizations or citizens in Italy.
What does it take for the blockchain and distributed ledger technology to express its full value? There are many factors that contribute to the growth of blockchain phenomenon, with four of the contributions and analyses that are the most effective.
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.