Blockchain Italia officially confirmed the first case of using Algorand’s blockchain remotely to approve the financial statements. The procedure was possible utilizing the notarization process on Algorand, ensuring complete accountability, traceability and more.
Blockchain Italia is an Italian software company based in Milan and also present in Genoa, Rome and Madrid specializing in financial technology and blockchain solutions.
Blockchain Italia’s mission is to optimize processes through digitalization and disruptive technologies. Its services include studying, designing and the development of decentralized apps for businesses, and also train managers and developers on all major blockchain-related technologies. It also provides smart contract auditing, common anti-pattern analysis by checking if the code is vulnerable to known security problems and attack vectors.
Lastly, it evaluates the coverage of tests rather than the hereditary structure by detecting frequent programming errors. Before the announcement, blockchain Italia had earlier announced the approval of a company’s balance sheet is thereby permissible on a blockchain. This was made possible through Deddit proprietary solution thus the official signature of the organization’s balance sheet with the presence of stakeholders was made accountable.
Blockchain Italia officially confirmed the first case of using Algorand’s blockchain remotely to approve the financial statements. The procedure was possible utilizing the notarization process on Algorand, ensuring complete accountability, traceability and more.
Blockchain Italia is an Italian software company based in Milan and also present in Genoa, Rome and Madrid specializing in financial technology and blockchain solutions. Blockchain Italia’s mission is to optimize processes through digitalization and disruptive technologies. Its services include studying, designing and the development of decentralized apps for businesses, and also train managers and developers on all major blockchain-related technologies. It also provides smart contract auditing, common anti-pattern analysis by checking if the code is vulnerable to known security problems and attack vectors. Lastly, it evaluates the coverage of tests rather than the hereditary structure by detecting frequent programming errors
Before the announcement blockchain Italia had earlier announced the approval of a company’s balance sheet is thereby permissible on a blockchain. This was made possible through Deddit proprietary solution thus the official signature of the organization’s balance sheet with the presence of stakeholders was made accountable and accessible to the public.
The simple-designed system made it possible for custom or official files to be dragged and dropped from smartphones, tablets or PCs. Once the file has been uploaded, it will undergo a cryptographic process and return as an entity called hash that will be recorded directly on the blockchain. It is even amazing that the whole process is free and does not require having an EOS account or wallet.
This process is completed once there are no operations to carry out within the platform and the files keep existing locally meanwhile no wallets or tools have been used neither has any fees been charged. Other blockchain protocols offer similar notarization services however blockchain Italia chose Algorand for its historic financial statement remote notarization.
The reality is that there is a high demand for notarization services in the crypto world and the corporate society as there is need for certain individuals or firms to show that a certain file is owned or created by them and at the same time having it at the back of their minds that it is safe, secured and cannot be tampered with.
One of the ground-breaking achievements of this Blockchain Italia using Algorand’s tech for its official notarization is that even though the adverse immobility effect of the pandemic on business activities can no longer be a problem. Thus, approving companies’ financial statements are now feasible and plausible without the physical presence of stakeholders and council or board members which met the requirement of the law ‘Cura Italia’, and at the same time guaranteeing transparency, traceability and security.
History was made on the 30th of June when the board of Blockchain Italia held a meeting through video conference and approved a balance sheet after the president made an electronic copy of the file and generated a unique fingerprint (or hash) while at the same time a transaction was carried out on Algorand’s blockchain to give it a certain date and proof of unchangeability of the electronic document itself making it possible for the verification of the authenticity of the transaction and file after the event has taken place.
Algorand blockchain protocols enabled such smooth effortless transaction while at the same all actions performed on the system are scalable, secure, tamperproof, efficient and public accessible together with the list of signatories. In other words, it makes it possible for interested individuals, organizations, or legal enforcing authorities can personally verify the document uploaded and check to make sure it hasn’t been tampered with.
“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 operation,” said the CEO of Blockchain Italy, Pietro Azzara.
The acceptance of blockchain and the influence of innovative features on the corporate world cannot be underestimated. More importantly, Algorand’s technology is built with reliable features credible enough for groundbreaking implementations to solve problems affecting the corporate environment in the short and long run. Furthermore, the general ken of blockchain and its usefulness is further enlightened by Algorand’s blockchain through the setting of an avenue for a fully transparent, scalable, and tamperproof system accessible to the public.
The simple-designed system made it possible for custom or official files to be dragged and dropped from smartphones, tablets or PCs. Once the file has been uploaded, it will undergo a cryptographic process and return as an entity called hash that will be recorded directly on the blockchain. It is even amazing that the whole process is free and does not require having an EOS account or wallet.
This process is completed once there are no operations to carry out within the platform and the files keep existing locally meanwhile no wallets or tools have been used neither has any fees been charged. Other blockchain protocols offer similar notarization services however blockchain Italia chose Algorand for its historic financial statement remote notarization.
The reality is that there is a high demand for notarization services in the crypto world and the corporate society as there is need for certain individuals or firms to show that a certain file is owned or created by them and at the same time having it at the back of their minds that it is safe, secured and cannot be tampered with.
One of the ground-breaking achievements of this Blockchain Italia using Algorand’s tech for its official notarization is that even though the adverse immobility effect of the pandemic on business activities can no longer be a problem. Thus, approving companies’ financial statements are now feasible and plausible without the physical presence of stakeholders and council or board members which met the requirement of the law ‘Cura Italia’, and at the same time guaranteeing transparency, traceability and security.
History was made on the 30th of June when the board of Blockchain Italia held a meeting through video conference and approved a balance sheet after the president made an electronic copy of the file and generated a unique fingerprint (or hash) while at the same time a transaction was carried out on Algorand’s blockchain to give it a certain date and proof of unchangeability of the electronic document itself making it possible for the verification of the authenticity of the transaction and file after the event has taken place.
Algorand blockchain protocols enabled such smooth effortless transaction while at the same all actions performed on the system are scalable, secure, tamperproof, efficient and public accessible together with the list of signatories. In other words, it makes it possible for interested individuals, organizations, or legal enforcing authorities can personally verify the document uploaded and check to make sure it hasn’t been tampered with.
“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 operation,” said the CEO of Blockchain Italy, Pietro Azzara.
The acceptance of blockchain and the influence of innovative features on the corporate world cannot be underestimated. More importantly, Algorand’s technology is built with reliable features credible enough for groundbreaking implementations to solve problems affecting the corporate environment in the short and long run.
Furthermore, the general ken of blockchain and its usefulness is further enlightened by Algorand’s blockchain through the setting of an avenue for a fully transparent, scalable, and tamperproof system.
Algorand resources
Website: https://algorand.com/
Telegram: https://t.me/Algorand
Medium: https://medium.com/Algorand
Twitter: https://twitter.com/Algorand.
