After months of uncertainty Italy has agreed a coalition government — sending a sigh of relief across global markets and pushing Italian bond prices sharply higher after an earlier rout. The new government may do more than settle markets, however, with plans to push blockchain technology; which underpins the volatile and disruptive digital currency – Bitcoin, into mainstream use.
Prime Minister, Guiseppe Conte has established a certin movement known as the 5-Star Movement (M5S), espousing the potential benefits of the blockchain and expressing hope it could reinvigorate trust in Italy’s corrupt public sector. M5S wants to grow blockchain technology beyond its traditional world of finance to help streamline public services. A Blockchain is a decentralized ledger, first used to power digital currencies but now being trialled in everything from supply chains, personal identification, and auditing. Many expect use of blockchain technology to grow as more use cases are discovered.
The Bitcoin revolution and blockchain technology are already here. It is no longer time to question how to stem it, but to understand what we are facing and take advantage of the opportunity we have available.
– Lorenzo Giustozzi, director of the BlockchainEdu Association
Giustozzi mentioned that they are certain about the world of payments, which is being revolutionized by the emergence of this new technology, and the experimentation of using public and private networks on other sectors are countless, including voting, identification, securing the supply chain, and data management. Meanwhile, the Rome-based Blockchain Education Network Italia, an association that aims to spread blockchain technology through development of new projects and startups, is keen to work with the new government to ease regulatory requirements.