The government of Gibraltar, a British territory located at the southern tip of the Iberian Peninsula, has launched a pilot program to use blockchain technology to store official credentials on its systems.
In an announcement on Tuesday, Her Majesty’s Government of Gibraltar said it had partnered with Mexico-based cryptocurrency exchange Bitso and IOVlabs, a startup that develops financial solutions based on the Bitcoin blockchain (BTC ), to integrate blockchain technology into its eGov system. The initial phase of the integration will allow users to store state-issued and certified credentials on its servers so that residents and location organizations have better access to public services.
According to Albert Isola, Gibraltar’s Minister of Digital and Financial Services, officials have already started digitizing government services on the RSK smart contract network, but plan to step up work on integration in early 2022. He added that Bitso would help. $ 500,000 in Bitcoin – around 9 BTC at a price of $ 55,000 – to the project.
“Gibraltar has successfully positioned itself as a forward-thinking jurisdiction for innovative companies developing and delivering blockchain-related solutions,” said Isola. “Implementing blockchain technology into our processes in partnership with our stakeholders working here will further improve the way our community interacts with government. “
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The Gibraltar Financial Services Commission recently gave the green light to crypto firms seeking to do business in Britain, including the local branch of the Huobi Group, Huobi Gibraltar, which provides spot trading services, and the Bullish Limited branch of Block.one. Many space companies seem to view the territory as a more favorable regulatory environment.