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Government officials of Gibraltar, a British territory at the southern tip of the Iberian Peninsula, have launched a pilot program to use blockchain to store official credentials, CoinTelegraph reported. They have started digitizing government services on the smart contract network RSK.
Govt partnered with Mexican exchange Bitso for project
On Tuesday, December 7, the government of Gibraltar announced it had partnered with IOVlabs, a startup that develops financial solutions based on the Bitcoin (BTC/USD) blockchain, and Mexico-based cryptocurrency exchange Bitso to make blockchain technology part of the eGov system.
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In the first stage of the integration, users will be able to store certified, state-issued credentials on its servers to provide better public service access for residents and local organizations.
Bitso contributes 9 BTC to project
Officials have already begun digitizing government services on smart contract network RSK, but intend to accelerate integration efforts early next year, said Albert Isola, Gibraltar’s Minister for Digital and Financial Services. He informed that Bitso would be contributing around $500,000 in Bitcoin to the project, which is around 9 BTC, but varies with fluctuating exchange rates.
Isola said:
Gibraltar has successfully positioned itself as a forward-thinking jurisdiction for innovative businesses developing and offering blockchain-related solutions. The implementation of blockchain technology into our processes in partnership with our stakeholders working here will further improve the way in which our community interacts with the government.
Gibraltar becomes safe haven for crypto firms
Gibraltar is becoming a safe haven for crypto firms as its Financial Services Commission is allowing them to do business on its territory. Last month, CoinTelegraph reported that Huobi Group was relocating its spot trading business there after China cracked down on crypto.
Bloomberg reported that the Financial Services Commission gave Huobi the green light to start moving its spot trading operations to its affiliate, Huobi Technology (Gibraltar) Co. Huobi Group may begin to offer spot trading services through its affiliate as a result.
Just the beginning of what crypto can do
Ideally, technology enables governments to operate more fairly and efficiently. The blockchain will have broad economic and social implications and improve the ways, in which the public interacts with government services.