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.
Find out more about the first company in Italy to approve financial statements on blockchain remotely and read the latest financial headlines with our companion app, Born2Invest.
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.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The CSRD Is Having an Impact, a Study by PwC Shows
The study by PwC also shows the challenges of CSRD implementation. 64 percent of the companies surveyed cited technical complexity...
Gamefound and CMON Enter into a Partnership
This partnership secures Gamefound the exclusive release of CMON's future crowdfunding and pre-order campaigns, including the highly anticipated God of...
Solaris Bank Ends Months of Trepidation with ADAC Deal
The deal is financially important for both companies, not only for Solaris bank. It also marks a turning point in...
Ailin Closes a Financing Round of 1.5 Million Euros
Ailin secures 1.5 million euros in its first financing round, surpassing initial expectations. Investors include a family office in the...
SMOG: Experts Name the Flagship Crypto of the Solana Ecosystem
The cryptocurrency market is booming. The recent performance of Bitcoin which exceeds $50,000 is palpable proof of this. Likewise, the...
Crowdfunding2 weeks ago
Three Real Estate Crowdfunding Platforms Authorized Under the New EU Regulation
Cannabis7 days ago
Hawaii Lawmakers Have Approved a Bill to Legalize Cannabis for Adults
Impact Investing2 weeks ago
How Solar Energy Electrifies Communities: The History of CERTosa
Business3 days ago
The Dow Jones 10 Utility Bond Average: A Tale of Woe from 1938 to 2002