Georgia’s government has signed a memorandum of understanding (MoU) with blockchain firm Input Output Hong Kong (IOHK) to collaborate on the implementation of blockchain-based projects in government, businesses, educational institutes.
The MoU signifies partnership between the two entities to develop the operational, technical, and commercial capacities on the ongoing and planned blockchain projects along with support for fintech businesses in blockchain and digital asset sector.
IOHK, the creator of the cryptocurrency Cardano (ADA), was founded and is currently led by crypto entrepreneur Charles Hoskinson, who is also the co-founder of the Ethereum (ETH) blockchain.
The MoU primarily identifies higher education as requiring the utmost attention and having the highest potential for blockchain solution based improvements. In particular, the government wants IOHK to ensure secure verification of national university qualifications while developing an easy comparison system with other European institutes.
Another possible solution could involve the enhancement of security for the confidential data and integration of smart contract functionality into ministry services.
The MoU looks to project Georgia as a country conducive to business development through the implementation of the latest blockchain tools. Mikheil Batiashvili, Minister of Education, Science, Culture and Sport, has also pointed how the country has progressed by leaps and bounds in the World Bank’s Ease of Doing Business index, moving up from the miserable 112th ranking to 6th in 2018.
Much of this improvement can be attributed to the Georgian government’s blockchain-friendly and low-regulation policies. One such example is how, in 2017, Georgia became the first nation to implement distributed ledger technology to secure and validate government records.
Besides, the country has also recorded the highest-growing electricity consumption per capita in entire Eastern Europe and Central Asia since 2009, with reports suggesting a staggering 10-15% of electricity consumption devoted entirely to crypto mining.
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