Gibraltar to upgrade its eGov system with blockchain technology

The government of Gibraltar has already set a pilot program rolling, that will focus on using blockchain technology for the storage of official documents across its systems. The news was confirmed on Tuesday when the government of Gibraltar issued a press release to announce its partnership with Bitso crypto exchange and IOVlabs, a fintech startup that offers financial solutions using the Bitcoin(BTC) blockchain.

Gibraltar to use blockchain technology to integrate public and private sectors

The government of Gibraltar is hoping that with the integration of blockchain technology that comes with this partnership, private individuals and businesses can safely store their credentials as well as state-issued certificates on its servers. And as a result, residents will be able to enjoy even better access to public services.

Meanwhile, the Minister for Digital and Financial Services of the country, Albert Isola, has also confirmed that efforts are already ongoing as officials have already begun digitizing government services on the smart contract network RSK. But according to him, efforts on the integration will surely be intensified in early 2022. Isola also mentioned that Bitso would be contributing no less than $500,000 in Bitcoin to the project.

Speaking more about the project, Isola believes Gibraltar has established itself as a progressive-minded region where innovative businesses can thrive and also offers blockchain-based solutions.

Additionally, he believes that the blockchain technology being deeply ingrained In Gibraltar’s processes will go a long way in improving communication between the government and the people.

Recall that quite recently, the Financial Services Commission of Gibraltar gave the nod in favor of crypto firms looking to do business in the region. This approval saw the arrival of Huobi Gibraltar — an arm of Huobi Group providing spot trading services, and Block.one’s branch Bullish Limited.

Probably owing to the seemingly friendly regulatory environment, many more crypto-related firms are already weighing their options with regards to moving to the region.