ICI Bucharest Intends to Use Elrond Blockchain to Develop DNS and NFT Marketplace

On Tuesday, Romania’s National Institute for Research and Development In Informatics, also known as ICI Bucharest (ICI), announced the creation of an institutional market for non-fungible tokens (NFTs) and a decentralized domain name system (DNS).

Both services will be built on the Elrond blockchain, known for its ability to speed up transactions through sharding. ICI was founded in 1970 and is currently the most publicly funded information technology research institution in Romania. It currently controls the Romanian National Register for Domain Names.

According to the Elrond team, these initiatives will be the first of their kind in the European Union. One of the uses of the NFT market could be to digitize, access, transfer and store official documents, property documents or various certificates through a decentralized blockchain identity. ICI aims to use Elrond's 3,200 trusted online validators to overcome security vulnerabilities of legacy DNS and TLD systems.

Image: Elrond Network