Blockchain Italy puts its balance sheet on the blockchain
Blockchain Italy became the first Italian company to approve the company’s balance sheet on the blockchain. The company wants to adopt this approach to best adjust to a post-coronavirus world and adopt a remote working environment.
Due to the pandemic, Italian legislator, as per article 73 of the DCPM “Cura Italia,” has allowed the activity of Boards, Councils, and other forms of shareholder’ meetings to be remote, provided the conditions of transparency and traceability are honored.
Blockchain Italy believes that these conditions could be easily met with blockchain-integration. In a statement, the company said:
“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.”
Blockchain Italy was founded in 2018 and closed 2019 with a turnover of over 830,000 euros and an EBITDA (Earnings before interest, taxes, depreciation, and amortization) of over 155,000 euros.
Blockchain Italy and Algorand
On June 30, Blockchain Italy’s assembly had a video conference, wherein they approved the balance sheet. Following that:
- The president of the assembly created a digital copy of the document.
- The president then generated a unique hash via Dedit.
- The firm then proceeded to conduct a transaction on the Algorand blockchain to give an immutable date and proof of unchangeability to the document itself.
- The Algorand transaction made it possible to verify the authenticity of the event at a later date.
- The shareholders and other interested parties can easily access the transaction on-chain since its publicly available.
Pietro Azzara, CEO of Blockchain Italy, expressed his optimism about the broader adoption of blockchain-based solutions:
“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.”