Gibraltar Will Integrate Blockchain Into Legacy Systems

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Gibraltar reveals its plans to implement blockchain technology in a bid to improve the quality of public services for individuals and businesses. The integration comes in collaboration with blockchain ventures IOVlabs and Bitso. The firms secured the deal as a result of their long-standing contribution to Gibraltar’s entry into digital ledger technology. 

How does the integration unfold

In the initial phase, the core objective of the solution will be to step up the functionalities of Gibraltar’s eGov system by allowing the storage of government-issued and certified credentials. The solution will be built on RSK Blockchain, which is expected to provide a robust foundation for the project. RSK is a product from IOVlabs, one of the partners in the venture. IOVlabs will also extend technical support to the government’s Digital Services team during the course of the project development. 

Bitso, the cryptocurrency exchange based in Mexico and licensed in Gibraltar under the DLT Providers Regulatory Framework, will donate $500,000 worth of bitcoin to the initiative. As of now, the government has not otherwise committed funding to the project, says the announcement. More info about the funding including the government’s future contribution is yet to be revealed. 

The project is scheduled to kickstart in early 2022. 

‘Jurisdiction of choice’ for blockchain companies

Gibraltar has maintained a pro stance towards innovative technologies including blockchain for some time now. It was the first jurisdiction to introduce legislation on Distributed Ledger Technology (DLT). Earlier this year, Gibraltar had ventured into digitizing public services with the introduction of an eGov system. The latest initiative is seen as a step towards streamlining government services and fostering better connectivity between government departments, individuals, and organizations. 

“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,” says Isola MP, the Minister for Digital and Financial Services, Gibraltar. 

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