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Italian Senate Proposes Formal Definition for Blockchain Timestamp Records

Distributed Summary:

  • An amendment submitted to the Italian Senate could legally define smart contracts and distributed ledgers and pave the way for blockchain-based legal records in the country
  • Requires approval from two parliamentary bodies to become law
  • A clear definition and confirmation that blockchain records stand up in court could lead to new use cases in Italy

The Italian government may soon allow blockchain technology to serve as sufficient verification for legal records.

An amendment has recently been submitted to the Italian Senate that would modify a Senate Act passed last December to include provisos for smart contracts and distributed ledger technology.

The amendment introduces legal definitions of blockchain technology and smart contracts, noting that smart contracts “satisfy the requirement of the written form after the IT identification of the interested parties, through a process having the requirements set by the Agency for Digital Italy.”

The actual amendment to the terms of the original bill state, “The memorization of an IT document through the use of technologies based on distributed registers produces the legal effects of the electronic time validation referred to in Article 41 of EU Regulation no. 910/2014,” as well as a timetable for when this would go into effect.

As Finance Magnates reported, the amendment has already “gotten the approval of the committee of Constitutional Affairs and the committee of Public Works,” and the only thing it needs now to become law is “the approval of two Italian Parliament bodies: the Chamber of Deputies and the Senate of the Republic.”

If passed, this minor amendment could see the implementation of new use cases for blockchain technology in Italy. Only time will tell exactly what these other branches of government think of the amendment, but it could see blockchain verification become integral to documentation in the country.

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Source: Reuters

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Source: ZDNet

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