Gibraltar demonstrated endeavors to adopt blockchain technology in a trial scheme. The British Overseas Territory has announced that it will use blockchain technology in a pilot scheme to deliver public services.
Blockchain Will Improve Interconnectivity
This pilot project will be focused on improving interconnectivity between departments, individuals, and organizations. It will be administered by Mexican exchange Bitso and blockchain developers from IOVlabs.
These companies are considered integral to Gibraltar’s government’s work in distributed ledger technology.
With this initiative, Gibraltar positioned itself as an innovative jurisdiction. The proposed solutions will improve Gibraltar’s current eGov system. In addition, it will enable users to store government-issued and certified credentials, like driving licenses, passports, and other documents.
Still, there are some challenges with blockchain adoption, the main one being the lack of skilled employees.
Blockchain is still an emerging technology, and there simply aren’t enough skilled workers in the field. Acquiring such talent can be difficult. Additionally, implementing this technology might be costly.
Furthermore, some organizations may lack trust in blockchain technology and may not trust other parties that work on the blockchain network.
There’s also no universal standard when it comes to implementing blockchain technology. Finally, competing blockchains can’t communicate with one another, meaning organizations may adopt a blockchain that won’t work well enough.