Blockchain technology news

In an effort to have zero tolerance for fake Made in Italy products, the government, through the ministry of economic development (MiSE), 5 Star Movement (M5S) and other authorities, is exploring the potential of blockchain and distributed ledger technology.

Blockchain solutions allow tracking goods through the entire supply chain. A large number of consumers in Italy are highly interested in knowing their origin, how these products are manufactured, handled, transported and other important processes being involved. Companies need to up their game to meet the demands of their customers.

The Italian market for cryptocurrency and blockchain technology has positive changing aspects, according to the analysis of the Blockchain and Distributed Ledger Observatory of the Politecnico di Milano. Many individuals, companies, institutions, are waiting for the blockchain opportunities, while others are trying to acquire digital trainings, knowledge and skills to compete favorably in the market. There are interesting indications on the status and projections of Blockchain and other futuristic technologies in Italy.

Futuristic technologies such as blockchain, Bitcoin, cryptocurrency, smart contract and others are the applications that could change the daily life of many people, thanks to this revolutionary novelty and Italy at large for being the first country within the European community to move from theories to practicals. Italy first in Europe to have regulated the two instruments of the future i.e. blockchain and smart contract.

Consob, the government authority responsible for regulating the Italian securities market, has decided to launch a debate on the possible regulation of cryptocurrency, blockchain, initial coin offerings (ICOs).

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 MiSE has partnered with SMI and IBM to design a blockchain project that will trace a product through every phase of production. Initially, the trial project will be supported by 30 companies and this number is expected to grow. The fashion industry will benefit from using the new technology most of all.

The Seattle-based giant Starbucks is exploring the Azure Blockchain Cloud Service from Microsoft to track coffee. The partnership will also use other major innovative technologies including artificial intelligence (AI), internet of things (IoT), cryptocurrency, etc., to strengthen its bean-to-cup and further resolve prevailing problems in various sections of services.

Recently, the Governor of Maryland, United States, Larry Hogan, officially signed a bill into law to amend the General Corporation Law of the state. Senate Bill 136 enables the industrial use of blockchain by private corporations to carry out proper and secure record keeping. The new amendments will come into force in October this year.