The pilot project is being carried out with the support of the exchange Bitso and the Blockchain developer RSK IOBVlabs, both Latin Americans.
The government of Gibraltar announced a project to integrate Blockchain in its utility management systems, according to a press release today.
The implementation, which will initially be implemented on a trial basis, is expected to enhance the provision of public services to individuals and organizations residing or operating in Gibraltar. The focus of the initial phase (which will begin in early 2022) will be to allow users to store certified and government-issued credentials.
The pilot project is being carried out with the support of the Latin American cryptocurrency exchange Bitso and the blockchain developer, also Latin American, RSK IOBVlabs.
The government’s goal is to take advantage of the existing functionality of its system “EGov“, Which is used as a digital platform to access public services, according to the announcement. The project can help demonstrate the benefits of using technology Blockchain to improve the speed and efficiency of government processes and public interactions.
Over the years, the British Overseas Territory has established itself as a friendly environment for crypto companies to obtain licenses, with platforms such as eToro regulated by the Gibraltar Financial Services Commission. Recently, the Chinese cryptocurrency exchange Huobi Global moved its spot trading services to Gibraltar after crackdowns in its home country.
Help from Latin American companies
The integration pilot project will be in charge of HM Government of Gibraltar, He has been working closely with two companies. Bitso, a cryptocurrency platform born in Mexico, which operates in several Latin American countries, and which has been licensed by Gibraltar since 2019, and IOVlabs, the team behind the blockchain RSK, who was born from Argentina.
Both firms have long supported and contributed to Gibraltar’s work in the DLT sector, says the press release. The government has developed a close working relationship with these companies over time and values their advice.
Asimsimo, Gibraltar’s Minister of Digital and Financial Services, Albert Isola MP, said: “Gibraltar has successfully positioned itself as a forward-thinking jurisdiction for innovative companies developing and delivering Blockchain related solutions. Implementing Blockchain technology in our processes in partnership with the stakeholders working here will further improve the way our community interacts with the government. ”
Bitso will donate to this project approximately USD $ 500,000 and according to the nature of the industry, the payment to the technology provider will be originated in bitcoin.
In this regard, the co-founder of Bitso, Daniel Vogel said: “At Bitso, we believe that the public and private sectors can work together to create deeply impactful crypto and blockchain-based solutions.”
For his part, Diego Gutiérrez Zaldívar, from RSK, said: “We are delighted with the opportunity to collaborate with the Government of Gibraltar in the implementation of blockchain technology to create a new paradigm of government interaction with citizens and organizations that will reduce costs and red tape while increasing automation and trust.”
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