Italy Accepts The Blockchain Technology To Fix Its Economy

Many governments due to the volatile nature of the blockchain including Bangladesh and Macedonia have banned the bitcoin technology. However, wealthy nations like Japan and Switzerland have embraced blockchain technology and are eager to explore the options it has to offer. Meanwhile, countries like Russia who condemned the use of the technology last year have agreed to its use in order to regulate the fastest growing technology.

With uses of blockchain going beyond the creation of cryptocurrencies into auditing, finances, supply chain, personal identification. It comes as no surprise that gradually a myriad of governments across the globe have decided to embrace the blockchain technology. Italy has joined the league of wealthy nations in an attempt to improve its dying economy to implement blockchain technology especially in public services.

The newly appointed prime minister of Italy, Giuseppe Conte together with the Northern League and 5 Star Movement (M5S) have established the fact that the blockchain technology will be a boost for the country’s economy. They believe the blockchain technology is going to strengthen Italy’s economy and give Italians trust in what bus now a seemingly corrupt public sector. Italy’s M5S’s interest in the blockchain technology is not unheard of as its president, Beppe Grillo remarked that blockchain technology would be very efficient in rooting out corruption in governments.

Italy, has suffered many setbacks owing to its poor economic state and is said to be in huge public debts. The country is known to have inadequate banking systems, a high rate of unemployment and corruption in their public sector and an economy that has been stagnant in growth over the a period of 10 years. Hence the need for its government to put in measures to revive its economy.

The move to resort to unconventional measures to revive the country’s economy is amazing. Some say that, the Italian economy has hit rock bottom therefore the choice by its government to choose blockchain. The government has no idea yet how to use the blockchain technology to build their economy aside its known use in the area of finance. However, they are ready to explore the various options of the technology for their benefits. Whatever the case may be, the government’s efforts to fight corruption and build a more stable and healthy economy is a step in the right direction.

Blockchain technology is capable of making a government very efficient especially in the area of data management. For instance, one would not have to carry many documents to authenticate his identity with blockchain of its ability to manage data. To be able to secure a bright and successful future, the citizens the country will require an understanding of the blockchain technology. That way, citizens will be able to contribute to the development of the nation by bringing up solutions that will best suit it.

Lorenzo Giustozzi, director of the BlockchainEdu, believes that the starting point for the Italian government in implementing blockchain, is to ensure that companies that have embraced and are working with the blockchain technology stay in the country and not move abroad.

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Author: Ellis”