December 2, 2023

German government wants to transfer all Germans to blockchain

The German Cabinet of Ministers has approved a plan to introduce blockchain technology into government services. AmongThe 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 17strategy for the development of government blockchain services in the country. The authorities were especially interested in the blockchain system for identifying citizens, distributed databases for the financial sector and the 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 multiple computers. More details. 

As for finances, the government wantslegalize blockchain bonds in the country – securities that exist only in distributed databases. The authorities promise to present the draft law by the end of this year.

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