The Ministry of Economic Development of Italy has announced that it will begin providing financial support to certain blockchain projects.
Overall, there is a reported 45 million euros ($46 million) to be distributed by the government, with private or public research firms developing areas such as AI, the ‘Internet of Things,’ and blockchain technology eligible to become recipients. That being said, such firms must be operating within either the industry and manufacturing, tourism, health, environment, or aerospace sectors.
The funds will be used to cover firms’ expenses and costs which range from 500,000 euros ($512,150) to 2 million euros ($2,048,600), meaning hypothetically, 23-92 firms will benefit from the initiative.
As the funds’ intended avenues of direction may already infer, the program comes as part of the Italian government’s goals to support and grow companies which are working in the most relevant and cutting-edge areas of technology, research, and innovation.