IT Lawyer
Lawyer expert in IT and Telecommunications Law, gives a summary overview.
A series of meetings to examine that world enclosed in the name of
Blockchain, as requested by its experts from the Ministry of Economic Development
Economic.
What are the first results of your meeting at the Ministry of Economic Development on a topic?
like Blockchain?
We made a rough plan
and we divided ourselves into five subgroups: use cases – infrastructure,
mapping and replicability conditions; the regulatory framework – sandboxes and vulnerabilities, which is that of
of which I am part; digital currencies, payment systems and fintech; education, skills and awareness; strengthening of services
of the Public Administration.
This is with the aim of approaching the
technical aspects regarding topics
fundamentals of Industry 4.0, of
which Blockchain is part of exactly
such as IoT and 5G.
Lawyer expert in IT and Telecommunications Law
What is the state of the art in the field?
legislation on Blockchain?
The Blockchain standard has been
approved by Parliament last
February 7. The Simplifications Decree in Article 8-ter provides for the regulatory definition of both technologies based on distributed ledgers and
on the so-called smart contracts, and yes
These are absolutely pioneering legislative initiatives, because other countries
they are devoid of them. The validation of the
transactions with the mechanism of
cryptography contemplated in the legal recognition of distributed ledgers has no references elsewhere,
Now we are waiting for AgID to take the necessary steps. This is a
a real turning point compared to the past, because instead of going to the notary to purchase a property,
for example, it will be possible to certify in
a traceable transaction free of charge, being able to rely on its legal validity. The same goes for a rental agreement, a will, and for a
multiplicity of other cases that before
They required stamped paper, registered mail, and certified mail. Traceability is maximum, as is time and legal validation.,
because transparency is ensured.
With Blockchain, in fact, you are required to
record everything and the parties involved
are informed of every single step. The encryption and the system
The unchangeable closure of the blocks guarantees correct procedure from all points of view.
Resistance, however understandable, is useless. It doesn't disappear.
certain professions, in fact: notaries do not
they will be missing, just to talk about
a named category, because the
will be on the Blockchain
which allows the citizen to have
access to the records, that's all.
Can you tell us something more about the
smart contracts?
Here too we move before the
other countries. With smart contracts you
It refers to contracts executed automatically by a computer program, with the same legal value as traditional written and signed contracts.
can i have a full refund or
partial amount paid for the flight
if the plane does not depart or takes off late, without the help of intermediaries. Obviously, that of the
travel is just an example, because if
they can do countless things in
other areas.
And as regards the financial instruments linked to the
Blockchain?
There we move looking at others
financial centers, Switzerland in the lead,
but there is also Malta and France, which
does not yet have a composite picture.
Fulvio Sarzana, Lawyer and expert in IT and Telecommunications Law, is
a summary overview.
The aim of the Ministry of Economic Development is to arrive at industrial plans linked to financing
of technologies, and since Italy is
a country with formal legality, a law was needed to pass the
Blockchain principle: today
this law exists, so we start again from
it.
IT Lawyer
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