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Italy is having mixed reactions to the blockchain and the crypto-industry, but how do real financial institutions manage generalized accounting technology (DLT). The Fintech & Insurtech report of the homonymous Observatory of the Milan Polytechnic shows that the DLT is strongly adopted in several banks operating in the country.
The director of Blockchain Observatory & Distributed Ledger, Valeria Portale, believes he is certain to bring various approaches to four types of players: skeptics, hesitant, pragmatists and leaders.
Italian banks, according to the
relationships, have started investing in nascent technology both by participating in international and cooperative projects in the country, and not neglecting individual projects.
The Italian government has also come to say that it will surpass the DLT and technological innovations such as IoT and AR / VR, with funds worth 1 billion euros, according to a CoinIdol
relationship. This establishment was pushed by the Ministry of Economic Development (MoED).
"The MoED will set up a Fund for action to encourage the development of technologies and applications of Artificial Intelligence, Blockchain and the Internet of Things, with an allocation of € 15 million for each of the years 2019, 2020 and 2021."
An overview of the main initiatives
Currently, the Italian bank that seems to be more involved in the DLT sector is Intesa Sanpaolo, which has a
permanent multidisciplinary group on DLT and cryptoassets composed of different experts with innovation, business, security, technological and regulatory background.
This is a brief summary of the main initiatives of Italian banks in the field of DLT:
- Intesa Sanpaolo & Mediolanum participated in the international R3 consortium which focused on the creation of the Corda platform and its large applications.
- Unicredit participates in we.trade, a large platform responsible for managing commercial transactions among SMEs.
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Intesa Sanpaolo participates in
Marco Polo, a large international platform that manages Trade Finance. -
Check Interbancaria, a
project created by 14 banks collaborating with Sia, ABILab and NTT Data. The project focuses on the creation of applications used for interbank activities in order to improve the transparency and clarity of the data exchanged between financial institutions and increase the speed of executions during the use of the Corda platform. -
Advance Invoice which is raised by Sia & GFT, which involved many Italian financial institutions such as Credito Valtellinese.
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Intesa Sanpaolo has also experimented with the collaboration with the launch of Eternity Wall to record all the information on financial transactions, in particular on Bitcoin (BTC) DLT.
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In August of this year, Banca Popolare di Sondrio launched a service to register on BTC DLT the acceptance for the renewal of the Motor TPL policy shown by the customer.
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Borsa Italiana and IBM have successfully tested the DLT in an important project that will replace the paper-based commercial certificates produced by SMEs.
Recently, however, Italy was trying to withdraw from technological innovations such as DLT, but the pro-blockchain rules are increasing strongly around the world, as recently CoinIdol
reported.
Read more about blockchain and the Italian cryptocurrency industry in Italian a
www.it.coinidol.com
