Ukraine is partnering with the global technology company Bitfury to store its government data on the blockchain.
The firm’s chief executive, Valery Vavilov, told Reuters it was one the largest blockchain projects of its kind ever.
Timeline for Bitcoin
According to BlockGeeks, the blockchain is an internet-hosted network which stores information as a shared database. The information isn’t stored in a single location and no centralised version exists for a hacker to corrupt, making it safe to use.
It is most well known for its association with the digital currency bitcoin, as the blockchain software underpins the currency.
However, it is now known as a key technology for both public and private sectors to use to permanently record and keep track of data, whether that’s assets or transactions, across all industries.
The Ukraine government and Bitfury are expected to sign a memorandum of understanding today, as part of what is thought to be the biggest government blockchain deal ever. Valivov said:
“A secure government system built on the blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability.”
The pilot project will begin by introducing blockchain into the country’s digital platform. State registers, public services and social security are amongst the first sets of data to be included in the pilot project.
The head of the state agency for eGovernance of Ukraine, Oleksandr Ryzhenko, told Reuters:
“This agreement will result in an entirely new ecosystem for state projects based on blockchain technology in Ukraine. Our aim is clear and ambitious – we want to make Ukraine one of the world’s leading blockchain nations.”
Though the Ukraine’s project may be the biggest one undertaken by a country, it isn’t the first one to use the blockchain to store data.
Georgia, which Bitfury also worked on, Sweden and Estonia have also launched blockchain programmes.
Estonia, in particular, is an interesting one. It is known as the world’s most digitally advanced society, thanks partly to its e-residency scheme.
Under the scheme, 30 percent of its citizens vote online, register births, deaths and marriages, and almost all public spaces have been covered by free Wi-Fi for the last decade.