Companies

Italy has always been at the forefront of innovation and security. An Italian startup plans to apply blockchain to baby nutrition safety. The company promises to ensure the safety of 90% of the ingredients used in nutrition products for children within a year.

The leading social media network, Facebook, the company that owns Instagram and WhatsApp, apps which allow users to make and share content or take part in social networking, plans to put its own cryptocurrency on the market by 2020, the coin will be used to make payments beginning with over 12 different nations globally by April next year (Q1 of 2020).

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.

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.

New Zealand (NZ)-based cryptocurrency exchange Cryptopia Ltd recently appointed two liquidators, David Ruscoe and Russell Moore, from one of the globe’s biggest professional firms that offer assurance, tax and advisory services.

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.

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.