The software company Blockchain Italia srl is the first Italian company to approve the company’s financial statements on blockchain, remotely.
According to the company’s press release, this first experience is a useful example of digital best practice particularly suitable to be applied in this historical period, in which it is necessary that companies are expecting increasingly smart activities and a digitization of the processes of business.
“The circumstances we have faced in recent months have in fact led to an incredible acceleration in the adoption of forms of remote working, highlighting the smart working potential for small, medium and large companies. Blockchain Italia has therefore designed, and used for the approval of its financial statements a solution that responds perfectly to the needs of corporate governance and implements the new rules in full,” stated the company.
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Blockchain Italia’s shareholders met on June30th by videoconference
The procedure was made possible through notarization on blockchain and the use of Dedit’s proprietary solution, in compliance with the principles of transparency, reliable identification of participants and publicity. As provided for by art. 73 of the Italian Care Decree, which allowed the activity of boards, councils and other forms of assembly to be remote, but in compliance with the guarantee of these conditions.
Blockchain Italia, founded on July 31st, 2018, is a Milan-based software company specializing in fintech and blockchain solutions, with which it aims to optimize processes. It is also present in Genoa, Rome, and Madrid. The company closed 2018 with a turnover of $416,000 (€354,000) and an Ebitda of about $53,000 (€45,000). Blockchain Italia’s 2019 results see an increase in turnover of 135% to $978,000 (€833,000) and an increase in Ebitda of 253 % to $182,000 (€155,000).
In detail, the shareholders’ meeting of Blockchain Italia on June 30th met by videoconference and approved the financial statements. At that point, the chairman of the meeting digitally created a copy of the document and generated his unique fingerprint (hash) through the Dedit platform.
At the same time, he executed the transaction on the Algorand blockchain to give a certain date and proof of unchangeability of the document, so as to facilitate a posteriori verification of authenticity by third parties. The document was shared with the members, who signed it by connecting to the platform from the invitation link automatically generated by Dedit and received by email.
The notarization procedure also took place for the minutes and the recording of the meeting video. The transaction relating to the approval of the financial statements of Blockchain Italia, together with the list of signatories, is publicly available for consultation, so that each shareholder and other interested parties can verify (transparency) that the document presented by the shareholders’ meeting (publicity) has not undergone subsequent modifications (traceability), and is exactly identical to the one in its possession.
Pietro Azzara, CEO of Blockchain Italia, commented: “We are confident that other companies, with the valuable support of accountants and CFOs, will move towards the adoption of blockchain solutions in their processes and that they will implement best practices of this type, applicable to all types of companies and business levels, in their daily operations.”
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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