Blockchain technology news

Blockchain technology and cryptocurrencies including Bitcoin brought some awareness to people in Italy, of how this computer technology does not need large infrastructures like those of banks to operate or to be used. The technology depends on the sharing and distribution of data to ensure their immutability and to provide them in a particular sense of the official character.

Blockchain technology has led Cloud to play a special role as an enabler so as to increase the ability of an Italian Chief Financial Officer (CFO) to function, not only in finance but also in sectors such as Agrifood, supply chain, manufacturing and others, according to Blockchain and Distributed Ledger 2019 Observatory. Italy has more than 76% of these blockchain-related projects.

The blockchain technology has continued to be massively used in banking processes across the world. In Italy, UniCredit has finally made the first commercial transaction via the blockchain. Using the We.Trade platform, UniCredit has allowed the metal packaging manufacturer ASA Group to buy a tinplate game from its supplier, Steelforce, which was supported by KBC Bank based in Belgium.

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%.

In an effort to prevent illegal activities that go with blockchain and crypto, Republic of San Marino has come up with a decree aiming at creating strong anti-money laundering regulation (AML) in relation to the distributed ledger technology (DLT), so as to standardize the technology, and further evaluate all potential scenarios in Italy.

The U.S-based technology conglomerate Cisco published a report about Blockchain and revealed that the technology has the potential to store more than 10% of the globe’s total gross domestic product (GDP) by the year 2027. Blockchain will help in enhancing the internet of things, smart cities, and supply chain solutions.

A pilot blockchain project set to provide products of Italian textile industry with a traceability feature, which will defend the Italian brand, has been presented by the Ministry of Economic Development (MISE) on March 13. The fintech initiative is planned to become a role model for all other industries manufacturing Made in Italy products.

Digital Vehicle Dossier enables users to certify the life cycle of their vehicles. The project mainly looks at blockchain to comprehend the first automotive application of this nature. The App will soon be available via the iOS and Android App Stores.

The first pilot project for the use of blockchain in SMEs in the textile industry was officially presented at the Italian Ministry of Economic Development (MISE) on March 13. Blockchain technology will support Made in Italy project, protect its uniqueness and quality such as certifying the supply chain thanks to the mechanism of the "shared register" which enables attaining maximum security regarding counterfeit stabs.