On the 30th birthday anniversary of the World Wide Web, we at Cryptx Financial have brought forth yet another amazing news on Blockchain’s evolution as a global phenomena! Find out Germany’s first step towards Blockchain technology right here!
The largest economy in Europe has proposed for a government-operated electronic register to regulate the blockchain sector. As it turns out, this proposal is supposed to have an immense effect on almost everything, ranging from automobiles to medicine, as different industries are transferring their market processes onto platforms based solely on blockchain.
Reuters reported that the guidelines regarding the creation of this electronic register constitute as an important segment of the national blockchain strategy, that came into being in March 2018 under German Chancellor Angela Merkel. The Reichstag’s Ministries of Justice and Finance have announced that they are moving on to redesign the blockchain sector, with the primary objective of mitigating fraud and abuse, and protecting investors from cyberattacks. The German ministries have realised that awaiting a go-signal from the European Union to consolidate this strategy would take ages.
Other proposals up for review also include the change in electronic bonds as well as digital stocks. The approval of these guidelines have the capability of bringing in a new wave of technological revolution on the German soil — the almost complete removal of tangible, physical bonds, documents and certificates as representations of financial tools.
The German Economy, at a glance…
As stated before, Germany is the largest national economy in the Europe continent, and fourth among the world’s largest economies as far as GDP is concerned; the US, China and Japan are at the top in the list. This move is a significant step towards the transformation global economy, which has been reliant on increasingly backward systems depending on middlemen and nearly-obsolete paper documentation, into a futuristic utopian digital economy.
Last year, Joseph Lubin, founder of Ethereum and ConsenSys, described Berlin as “the most important city in blockchain”, praising its brilliant infrastructure and dedicated experts and programmers. Major blockchain companies like Bitwala, Ethereum, and Parity have been on the lookout for crypto experts and blockchain engineers for quite some time.
Minimizing the global picture…
Regulations and initiatives to embrace and improve blockchain technology have been seen in Germany, Switzerland and Austria, without paying any heed to the EU’s efforts to build a comprehensive blockchain strategy. Likewise, states in US such as Colorado, Wyoming, Utah, and Ohio are pacing ahead of the federal government, as the state lawmakers refuse to wait for the federal authority to come up with a cohesive strategy.
Well, bringing you a whole lot of cryptawesome stuffs everyday would never have happened if the internet weren’t there. Seems surreal, eh? To look at and interact with the world through a portal as small as your smartphone or computer screen…it’s a surreal thing indeed. So, we at Cryptx Financial convey the best wishes to our dear own World Wide Web!