In Italy companies’ balance sheet goes on the blockchain
Blockchain Italy announces that it has allowed the approval of a company’s balance sheet remotely on blockchain.
This was the notarization of the company’s balance sheet on blockchain, in compliance with the principles of transparency, reliable identification of participants and publicity, thanks to the Dedit proprietary solution.
In particular, given the restrictions introduced with the lockdown due to the coronavirus pandemic, the Italian legislator recently intervened with art. 73 of the DCPM “Cura Italia” allowing the activity of Boards, Councils and other forms of shareholders’ meetings to be remote in compliance with the guarantee of conditions and principles of transparency, traceability, certain identification of participants and publicity.
In this regard, the company Blockchain Italia s.r.l. has devised a solution that applies the new rules making it possible to approve company financial statements remotely.
Blockchain Italy approves financial statements on blockchain
Therefore, on June 30, the assembly of Blockchain Italia, meeting by videoconference, approved the balance sheet, after which the president of the assembly created the digital copy of the document and generated his unique fingerprint (hash) thanks to Dedit.
The platform then carried out a transaction on the Algorand blockchain at the same time to give a certain date and proof of unchangeability of the digital document itself, so as to make it possible to verify its
authenticity after the event. Now this transaction is publicly available on the platform, together with the list of signatories.
In this way the shareholders, and other possible interested parties, can verify independently that the document presented by the meeting has not been modified after the event, and is exactly identical to the one in their possession.
In fact, Dedit uses a multi-sig function that has enabled members to digitally sign the document, once it has been shared by the chairman thanks to the invitation link automatically generated by the platform and received via email.
A similar procedure also took place for the minutes and the recording of the video meeting, in order to guarantee full transparency, while ensuring the virtual incorruptibility of the recorded data.
The company, founded in 2018, closed 2019 with a turnover of over 830,000 euros and EBITDA of over 155,000 euros.
The CEO of Blockchain Italy, Pietro Azzara, 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.”