Blockchain technology news

Blockchain technology has been actively developing in Italy, however, it can’t reach its potential power without a proper legal framework. The Ministry of Economic Development is reported to have urged the fintech’s adoption by the Agency for digital technology (Agid). The regulatory environment must be designed for various blockchain innovations including cryptocurrency.

The council works on amendments and approvals of decrees related to innovative technologies in the Republic of San Marino. This small enclave nation enclosed by Italy wants to be among the first states to regulate and approve blockchain and its far-flung applications. The decree also aims to revive the country's economy and promote its high-tech profile.

Park Won-soon, mayor of Seoul, revealed plans to use futuristic technologies including blockchain, cryptocurrency, artificial intelligence (AI), distributed ledger technology (DLT), local news outlet Queen.co.kr reported.

Blockchain is one of the best alternatives to databases managed by third parties. The potential of the technology for Italy’s Agrifood sector is formidable and powerful.

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.

The biggest social network company Facebook has registered a new firm dealing with blockchain and payments in Geneva, according to popular news outlet Reuters. The Swiss fintech company is reported to be focused on data analytics and investments in particular.

A lot of agricultural projects in Italy have difficulty accessing credit and lack technological skills. Help could come from startups and from blockchain technology which promises to significantly change the future.

In an effort to fight modern slavery in supply chains, major companies are exploring and experimenting with blockchain and distributed ledger technology (DLT). Ascertaining whether products especially minerals including cobalt, gold, copper, etc., are obtained and produced decently is very hard when it comes to supply chains since it is a complex process.

An Ipsos research piece for Digital360 dubbed “From cryptocurrencies to Made in Italy: the image and potential of the blockchain,” that focused its study on the companies’ and people’s perceptions on new technological innovations, shows that 20% of Italians are informed about what the technology is.