Gibraltar will be one of the first countries to incorporate blockchain into government mechanisms. Latin American cryptocurrency exchange Bitso and RSK blockchain developer IOVlabs will help the government of Gibraltar deals with the technical side, and the country’s pilot program is all set to launch soon. The Gibraltar Financial Services Commission will inspect the entire operations to make sure all regulations are followed.
Blockchain is a disruptive technology that will bring paradigm changes to many operational sectors. From account keeping to transacting, many of our day-to-day tasks will be more effective through blockchain. However, the technology is still far from its fullest potential. With funding from government and private enterprises, we can soon expect to see the technology coming to the mainstream.
The main reason behind blockchain’s superiority is its peer-to-peer operational model, which makes all transactions secure. The chances of a data breach or data compromise are little to none, and it offers more accurate results than any existing system.
However, the problem with blockchain lies in the unavailability of skilled professionals. Very few people in the traditional sector have the technical know-how of operating blockchain systems, and the process can be quite complicated for governmental departments.
With the rise in crypto-focused training and education, the lack of skilled professionals might not be a problem very soon. However, that would need dedication and initiative from both private and public enterprises. Changes need to come from the very grassroots levels to bring about an effective change in the bureaucracy.