Bologna was once a city of water. Its canals turned millstones and fed a district of mills and silk mills, and when electricity spread and hygiene rules tightened they came to be seen as open sewers and were covered over. The stretch you see from Via Piella escaped the coverings carried out between the 1930s and the 1950s. Long before that, it served as the defensive moat of the second city wall, built in the 11th century.
The view itself is simple: houses rising beside the water, shutters and windows above a slow current. Look for traces of the past. The civic plaque recalls private washhouses on drawbridges, with wooden platforms over the water and tubs where washerwomen rinsed laundry without getting wet. Bologna's library service describes this view as the Canale delle Moline, the canal of the city's mills.