Gibraltar has revealed its ambitions to use blockchain technology to improve the quality of public services for citizens and companies. The integration is a cooperation between IOVlabs and Bitso, two blockchain startups. The transaction was achieved as a consequence of the businesses’ long-standing commitment to Gibraltar’s introduction into digital ledger technology.
How does the integration take place?
The solution’s primary goal in the initial phase will be to enhance the functionality of Gibraltar’s eGov system by permitting the storing of government-issued and validated credentials. The solution will be developed on RSK Blockchain, which will serve as a solid basis for the project. RSK is a product developed by IOVlabs, one of the venture’s partners. During the project’s development, IOVlabs will also provide technical assistance to the government’s Digital Services team.
Bitso, a Mexican cryptocurrency exchange regulated in Gibraltar under the DLT Providers Regulatory Framework, will give $500,000 in bitcoin to the program. According to the release, the government has not yet committed financing to the project. More information regarding the money, including the government’s future participation, is still being withheld. The project is set to begin in early 2022.
‘Jurisdiction of preference’ for blockchain firms
For a long time, Gibraltar has been supportive of emerging technologies such as blockchain. It was the first jurisdiction to pass legislation pertaining to Distributed Ledger Technology (DLT). Gibraltar began digitizing public services earlier this year by implementing an eGov system. The current endeavor simplifies government services and improves connections across government agencies, individuals, and businesses.
“Gibraltar has effectively positioned itself as an innovative jurisdiction for innovative enterprises creating and selling blockchain-related products.” “Integrating blockchain technology into our procedures in collaboration with our stakeholders working here will further enhance the way our community interacts with the government,” says Isola MP, Gibraltar’s Minister for Digital and Financial Services.
