Italy: Blockchain Technology Helps Develop Smart City Project

Blockchain technology is among the six major technologies in Italy that will improve the quality of life in the city. The technology is clean, secure and on-demand mobility. 2019 is just one month old and most people consider it as the turning point for the induction of tech and unfeigned nationals’ plans for the switching of urban centres to smart cities.

A comparison was made sometime back between those who dwell in the city. The challenge isn’t in the high use of technological solutions, but rather at the low level of involvement, joint operation, and the inclusion of Italian citizens in the integral strategic choices made for the digital transformation of the City Centre.

The implementation of the blockchain will enable firms to save around $50 billion annually at first, and over $500 billion annually after blockchain technology networks reach the mass market.

However, efficiency isn’t the key feature of this technology. It enables users to make the entire system less dependent on legion intermediaries and greatly ameliorate its transparency.

Human Fabric

The human framework of a city is largely characterized by cultural, economic, social and other specifics. Integrating crypto and blockchain technology into a development plan could represent an efficacious choice of each stakeholder, from the angle of massive cooperation among citizens and communities, focusing on having a marvelous future for all people.

Technological innovation such as Blockchain is an enormous resource for those who dwell in the city, since it enables them to work on a wide range of critical factors, beginning with quality of life and going on to several direct opportunities for citizens and firms.

Technological Epoch

The Internet of Things (IoT), big data, autonomous vehicles, security and distributed ledger technology (DLT) are some of the chief technologies of the digital transformation. In order to work well, a network that is much faster than the present one is necessary.

DLT, one of the most promising technologies to address issues of security and personal information. Billing, financial transactions, contracts of all sorts, service management, will be the primary field of application.

Meanwhile, Italy is planning to turn Ticino, Switzerland into a ‘Cryptovalley’ in order to boost community growth, as Coinidol reported. Particularly blockchain, online and smart contacts system collection protocol that is earmarking large space most especially in the epoch of financial transactions & exchanges of digital currencies.


Source
Author: Coin Idol
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BITCOINS SEIZED FROM BANKRUPT BITGRAIL BY ITALIAN AUTHORITIES

Authorities in Italy have seized bitcoins from the company wallets of controversial exchange BitGrail as part of standard pre-bankruptcy proceedings. BitGrail was hacked in February 2018, with $170 million dollars’ worth of Nano stolen — which subsequently lead to a major price crash for the coin.


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BitGrail’s blog was updated today, June 15, 2018, with the following announcement:

On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the company’s wallets were seized and brought under control of the judicial authorities pending further Court decisions in the pre-bankruptcy proceeding.

A news update on the website in May declared BitGrail would reopen on May 2, 2018, but was closely followed by an announcement stating the Italian court of Florence had issued a deed “requesting the immediate closure of BitGrail” and that BitGrail would comply.

HACK VS. INSOLVENCY

BitGrail’s problems came to light in February 2018 when it reported 17 million Nano (previously RaiBlocks) — equivalent, at the time, to $170 million dollars — stolen in a hack. At the same time, reports surfaced that the exchange could be insolvent and may have been for a number of months.

Nano refused to fork its blockchain in response to the hack stating:

We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.

BitGrail stuck with its hacking claim, later posting on its blog that, though it wasn’t responsible, it would “meet its users half-way” by offering a settlement agreement and repayment plan for victims of the purported Nano hack.

As the news of the hack and the potential insolvency of BitGrail broke, Nano’s price began to fall — eventually crashing from $30 USD to $2.50 USD. Many investors had been encouraged to use the BitGrail platform as one of only two exchanges listing the coin until it was added to the popular exchange Binance.

BitGrail was prevented from reopening on May 2, 2018, by a court order initiated by BonelliErede — the firm assisting the 3000+ investors who became victims of the BitGrail/Nano hack.

NANO IS MOVING FORWARD

BitGrail and Nano have argued publicly and legally over the cause of the hack and the insolvency issue. The Nano Foundation concluded in April that there was a bug in the exchange software at BitGrail.

Nano is moving on. Colin LeMahieu, Lead Developer, said in May:

While the BitGrail situation is extremely unfortunate, it has not impeded the project. We allocated significant resources towards both determining what exactly happened, as well as investigating legal options, but as far as protocol development and overall project milestones are concerned, we have continued to move forward.


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Source
Author: MELANIE KRAMER
Image Credit
Shutterstock, CoinMarketCap.com.