Blockchain and Smart Contracts to be Legally Recognized in Italy

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In exciting news, the Italian government has passed a new overarching legal foundation for the rationality, validity and enforceability of innovation technologies. This makes Italy one of the first nations to launch an set of rules on blockchain technology and smart contracts. This can apply to all kinds of transactions, implying that anyone is able to gain from technical features using an effective legal framework.

Italy has definintely been doing everything that they can to support blockchain, cryptocurrency, AI, smart contracts, IOT and other groundbreaking technology. The lawmakers legislated on the amendment to the decree, which was officially approved on January 23, 2019 by the Constitutional Affairs & Public Works Commissions of the Senate, and Stefano Patuanelli was the first signatory of the Movimento 5 Stelle (M5S), an Italian political movement. Later the proclamation was made in the Italian Senate.

“The possibility of giving legal value to a transaction that uses an electronics and cryptocurrency, without the need of notaries or central certification bodies,” a DLT expert selected by MiSE, Fulvio Sarzana said.

The law defines blockchain as technology and IR protocol based on a shared, distributed, replicable, accessible, decentralized ledger, created on cryptographic keys that allows the registration, validation, update and storage of both decrypted and encrypted information, verifiable by every user and which is unalterable.

The Agency for Digital Italy (AgID) aka – Agenzia per l’Italia Digitale, will develop the technical standards for blockchain before March ends, which are capable of generating the same legal result of a digital and electronic timestamp pursuant to EU Regulation 910/2014 regarding any digital document kept on that.

That is to say, this will require the overhope and opinion of the accuracy of the information on date & time displayed plus the unimpaired integrity of the information (data) where date & time are destined.

Smart contracts, according to the new Italian law, are defined as blockchain-based software which, once the appropriate and important ledger entry has been validated, automatically produce a result to the applicable terms decided between two or more participants.

These types of laws and governments being the first to provide a foundation for blockchain law is an important first step for spreading acceptance and adoption of this technology over the entire world and will allow other governments to follow suit. When we have transparency of data and assurance of an immutable set of data, we have a foundation for putting the power back into the hands of the people, which is where it should be. By making it decentralized, it is also an assurance that there will not be an abuse of power or alteration of data. All facets of this technology are crucial to mankind making the next step in their respective development and advancement.

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