The federal government of Gibraltar, a British territory on the southern tip of the Iberian Peninsula, has began a pilot program aimed toward using blockchain know-how to retailer official credentials on its methods.
In a Tuesday announcement, Her Majesty’s Authorities of Gibraltar mentioned it had partnered with Mexico-based cryptocurrency trade Bitso and IOVlabs, a startup that develops monetary options based mostly on the Bitcoin (BTC) blockchain, to combine blockchain know-how into its eGov system. The preliminary part of the combination will enable customers to retailer state-issued and authorized credentials on its servers in an effort for residents and site organizations to have higher entry to public providers.
In keeping with Albert Isola, Gibraltar’s Minister for Digital and Monetary Companies, officers have already began digitizing authorities providers on the good contract community RSK, however plan to step up work on the combination in early 2022. He added that Bitso can be contributing $500,000 in Bitcoin — roughly 9 BTC at a worth of $55,000 — to the challenge.
“Gibraltar has efficiently positioned itself as a forward-thinking jurisdiction for modern companies growing and providing blockchain-related options,” mentioned Isola. “The implementation of blockchain know-how into our processes in partnership with our stakeholders working right here will additional enhance the way in which by which our neighborhood interacts with the federal government.”
Gibraltar’s Monetary Companies Fee has lately given the greenlight for crypto companies trying to conduct enterprise within the British territory, together with Huobi Group’s native arm Huobi Gibraltar providing spot trading services, and Block.one’s department Bullish Restricted. Many firms within the house appear to be trying on the territory as a extra favorable regulatory setting.