What Fruits Will Italy’s Investment in Blockchain Bear?

Italy has been extremely supportive of new and emerging technology. Which is why it has invested heavily in the field of technology such as artificial intelligence (AI), blockchain technology, smart contracts, internet of things (IoT) and others.

In particular, the country’s investment in blockchain technology has drawn a lot of global attention. The country has made use of the various applications and use cases of blockchain technology. The technology, which is being used in various countries across the world, in various sectors, is being fully implemented by the Italian government.

The Italian Government in particular is using the technology to promote Made in Italy products and also protect their authenticity. Blockchain technology can prove to be a solution to counterfeiting. The data on the blocks are immutable which is why information stored on a blockchain is tamper proof.

The government is also using the technology to guarantee the transparency of their fashion and food products.  The customer can then rest assured that they can check the origin of the products. They can trace the entire supply chain journey of the products that they are paying for.

Not just in terms of ensuring authenticity, the technology has also proved to be an economically viable solution for the country’s exports. It has been particularly useful in bringing down the production expenses of the Italian products.

In a recent conference regarding the same at Luiss Business School in Rome, Francesco Boccia of the Democratic Party (DP) said that:

“In the face of what may be a revolution for the company like the Internet, we are making improper uses of the technology, which does not make a real value. It is a technology on which the government should invest further and which must be implemented so that it can have the function of protecting the Made in Italy.”

Senator Ettore Licheri (Movimento 5 Stelle, M5S) added that:

“The features of consumer guarantees offered by the blockchain technology are important, and how it is appropriate to regulate its introduction, especially to protect big data.”

It is thus safe to conclude that Italy’s investment in Blockchain technology is bearing fruit.