The government of Gibraltar, a British territory located at the southern tip of the Iberian Peninsula, has launched a pilot program aimed at using blockchain technology to store official credentials on its system.
In the announcement on Tuesday, the government of Her Majesty the Queen of Gibraltar stated that it has partnered with Mexico-based cryptocurrency exchange Bitso and IOVlabs, a startup company that develops bitcoin-based financial solutions.Bitcoin) Blockchain, which integrates blockchain technology into its e-government system. The initial stage of integration will allow users to store state-issued and certified credentials on their servers so that residents and location organizations can better access public services.
According to Albert Isola, The Minister of Digital and Financial Services of Gibraltar stated that officials have begun to digitize government services on the smart contract network RSK, but plan to step up integration efforts in early 2022. He added that Bitso will contribute 500,000 USD of Bitcoin—approximately 9 BTC at a price of 55,000 USD—for the project.
“Gibraltar has successfully positioned itself as a forward-looking jurisdiction to develop and provide blockchain-related solutions for innovative companies,” Isola said. “Working with the stakeholders we work here to implement blockchain technology into our processes will further improve the way our community interacts with the government.”
The Gibraltar Financial Services Commission recently approved crypto companies that want to do business in the UK, including the local branch of Huobi Group Huobi Gibraltar provides spot trading services, And Bullish Limited, a subsidiary of Block.one. Many companies in this field seem to see this area as a more favorable regulatory environment.