November 29, 2022

German government wants to transfer all Germans to blockchain

The German Cabinet of Ministers has approved a plan to introduce blockchain technology in public services. Among The government’s priorities are citizen identification system, digital finance and the Internet of things.

Germany told how it will implement blockchain

The German government approved on September 17the development strategy of state blockchain services in the country. The authorities were particularly interested in the blockchain system for identifying citizens, distributed databases for the financial sector and a mix of innovative technology with the Internet of things.

In particular, soon the government should conduct a pilot project, which should study the benefits of storing citizens' data like passports and birth certificates on the blockchainBlockchain
- It is a continuous and sequential block chain of information (digital linked list). When building a blockchain chain, copies of related blocksBitcoin block
Is an element of the blockchain chain, a set of records of completed transactions in the cryptocurrency network. More details are simultaneously stored on many computers.

As for finance, the government wantslegalize blockchain bonds in the country - securities that exist only in distributed databases. The authorities promise to submit a draft law before the end of this year.

  • Despite a positive attitude towards the blockchain,The German government fears that stablecoins like Facebook’s Libra might harm the national currency and economy. Therefore, the authorities promised that they would not allow such cryptocurrencies to “equal the traditional currencies”