To What Extent is Blockchain Technology & Crypto Growing in Italy

[Goodcat49]

Besides the management of financial payments, money transactions or insurance applications, the Italian path to the development of the country’s strategy in Blockchain technology and Artificial Intelligence (AI) is now in the hands of experts that will meet in January 2019.

Blockchain technology is increasingly being used in the banking, insurance and financial sectors across the globe. Most importantly, banks have fully apprehended the advantages of these technologies. As Coinidol recently reported, there are now around 275 blockchain-based services (40% are advertised) boosted globally since 2015, according to the survey conducted by the Fintech and Insurtech School Observatory of Management of the Milan Polytechnic.   

Reconciliation of Interbank Payments   
The survey indicates that after 2016 and 2017 where the financial institutions declared the launch of services attracting media attention, in 2019 we have observed a significant systematisation and concentration on these services and proved blockchain technology added much value more than traditional technologies. Particularly, they are employed in various applications such as data & financial documents by 10%, managing payments by around 41%, identity by 7%, capital market by 27%, and supply chain finance by 8%.   

Financial players are applying blockchain technology internationally for management of payments (41% of cases), especially for the reconciliation of interbank payments to ease money transfers between various currencies; the capital market (27%), to ameliorate the exchange of financial securities; the management of financial data & documents (10%), to handle documents connected to bank guarantees; support for Supply Chain Finance (8%); identity management (7%), to lower the costs of identifying clients; traceability (5%); remote voting management (2%).   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/to-what-extent-is-blockchain-technology/