Takeaways From Day One at the Italian Parliament
Will Regulators Shorten the Distance Between the Old and the New (Digital) World?
World structures are changing rapidly. It feels like as we are experimenting a world where time has two different speeds. The digital revolution created a certain distance between two worlds that in turn try to come together, namely the regulatory institutions, aka nation-states’governments, and the digital environment made of one playground and many players. The playground is the internet, here creatives, startups, big brands such as N26, Google, Facebook, Amazon etc are playing around and destroying the old paradigm of how the world logic worked before the internet changed everything. A restructuration of the structure I referred at the beginning.
I will not take parts here, I think that regulatory institutions have understood the importance of laws that regulate the impact restructuration. They are trying to give innovation the right context to flourish as well as to absorb the shock that those same technologies have on the social part of things, I’m thinking about the labor market that will change radically in a few years/decades from now. Moreover, the process to create new law sets are slow, and honestly it is not only because of inefficiency, but in part also because good laws need to mature over time, that’s why I’m not putting all the blame on this category.
But technological innovation has always been happening, why is it different now?
Because the process is becoming exponentially fast. It is very interesting to reason around some facts that seem to be the roots of this doped time.
Many factors are to be considered in order to understand why this is happening. I will not have time and space here, however let me write down some: exponential growth of worldwide existing engineers, digital tools that streamline processes of any kind, the internet making distance more relative, being so a catalyst that speeds up every aspect of innovation, globalization that leads to extremely different cultures coming together and therefore augmenting the perspective by which a problem can be seen and solved, I could go on for a long time and it would be very interesting to go deeper on each of them, but that’s not the purpose of this article.
The point is that there is a generational-gap, there are many evidences, if I’d to choose a symbolic point in time where this distanceis showing itself in its greatness I would agree with the writer Barricco, it is the very moment when Zuckerberg spoke to the United States Senators and after a little time to the European Union Parliament members: many funny questions and misunderstandings were happening all along, as they were speaking different languages. That’s the distance I’m talking about.
However, things are changing. Everyone has seen and is observing what it entails to either miss out or be on the edge of the internet/digital revolution. Eg.: Google, Amazon etc. I feel like nation-states are afraid to miss out again when it comes to the world restructuration number two through blockchain technology. That’s the sentiment I could feel today while I was in the Chamber of Deputies at the Italian Parliament. Below a short video update from there:
During the discussions one could feel a mix of powerful/faithful energy combined with a bit of lack of understanding, it is of great importance that everyone helps the community and the industry to grow by taking the old generation by their hand and be patient when they do not understand. It seems like they understood that they have to believe more in the new generation, listen and involve them as more as they can in shaping the regulatory environment.
The good thing is that this FOMO (fear of missing out) is productive because it stimulates the regulators and the governments to take action, shortening the distance. Meaning that even conservative and a bit digital unsavvy nation-states are taking action, and they are doing it fast!
That’s why I am not surprised what is happening here in Italy, for example there is a proposal to integrate blockchain in the voting system, to streamline the process and avoid frauds. If the proposal will become law, then the Italians living abroad (5mln) will be voting on chain(!). But way more important is that the Senate published a proposal to be added to the Senate Act 989 that would make smart contract and time stamps legally binding. Those are ingredients of great importance for mass adoption. The discussion is now going on and everyone is very faithful that soon it will be integrated in the act.
Imagine a Dapp that has a smart contract to split a loan between parties, now a collateral like a real estate may can be integrated. If someone then misbehave, since it is now legally binding, one could be persecuted by law, that’s only one little example, put it is clear that for almost all innovative ideas within the blockchain context, this law set is crucial!
Let’s come to some conclusions, for sure there is still distance between the two worlds, and they may never really catch up, the important thing though is to build bridges between them, and not blame each other for problems, it never helped, history books are full of good examples.
So, that’s the way to go, it was a very productive discussion today and it may affect also the path of Lition. As we are strongly business oriented, we know very well that these laws could be the catalyst for mass adoption of blockchain technology.