Sunday, May 29, 2022

Ukraine to Migrate All Govt Data to Blockchain Through Bitfury Deal

Ukraine to Migrate All Govt Data to Blockchain Through Bitfury Deal

Ukraine is going digital by working with the Bitfury Group to put its government data on the blockchain.

Also read: Bitcoin Twitter Provocateur Samson Mow Joins Blockstream

Ukraine Goes Blockchain

Bitfury will provide the blockchain service that Ukraine will use for its data. Valery Vavilov, the firm’s CEO, told Reuters that this project is likely the largest of its kind so far.

According to Ukraine officials, the government’s goal in undertaking this project is to become a world leader in governmental blockchain use.

Ukraine eGovernance head Oleksnadr Ryzhenko told Reuters, “This agreement will result in an entirely new ecosystem for state projects based on technology in Ukraine.”

Bitfury Ukraine

Commenting on the possible results of the blockchain project, Vavilov noted, “A secure government system built on the blockchain can secure billions of dollars in assets and make a significant global and economic impact globally by addressing the need for transparency and accountability.”

According to Reuters, Ukraine’s work with Bitfury will start with a pilot project designed to introduce blockchain technology into the government’s digital infrastructure. This pilot program will apply blockchain technology to select areas, including state registers, public services, social security, public health and energy. If the pilot is successful, the project will extend to all areas of Ukraine’s governance.

Blockchain on the Rise Among Governments

Although not on as large of a scale as Ukraine’s proposed blockchain migration, other countries have experimented with utilizing the technology.

Sweden, for example, started a blockchain-based land registry program last year. The government began testing the platform in March 2017. As of April, CoinDesk reports that the project has entered its “second phase.”

The small Swiss town of Zug also joined the blockchain wave in 2016 when its town council voted to accept bitcoin as payment for public services. Already home to several fintech companies, Zug wanted to make itself open for the adoption of new technologies.

Bitfury Leading the Charge in Blockchain Integration

Bitfury was founded in 2011 — making it one of the earliest blockchain-related companies to date — and currently provides blockchain integration services.

Through its software and hardware solutions, according to its website, Bitfury’s services “allow business and governments to integrate blockchain technology into their operations.”

These services include property rights registration, voting, servers and datacenters, and the “BlockBox” bitcoin mining unit.

Bitfury’s deal with Ukraine marks the second government it has worked with to integrate blockchain technology. In April 2016, the firm launched pilot with the Republic of Georgia that will integrate blockchain technology into the country’s land-titling registry.

Do you think governments should use blockchain technology for their vital data? Let us know your thoughts down below.

Images via Pixabay, Bitfury

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