Bitcoin in Brief Wednesday: Zug Tests Blockchain to Decide on Fireworks and Digital IDs


The metropolis of Zug, residence of the Swiss Crypto Valley, will invite its residents to participate in an experimental blockchain-based vote. They are anticipated to share opinions on a number of questions of native significance, together with the fireworks show through the annual Lakeside Festival and the usage of digital IDs to borrow books and pay parking charges. This and different fintech and crypto-related tales from the Alpine nation and different corners of Europe are featured in at this time’s version of Bitcoin in Brief.   

Zug Experiments with Blockchain-Based Vote

Bitcoin in Brief Wednesday: Zug Tests Blockchain to Decide on Fireworks and IDsAuthorities in the Swiss metropolis of Zug plan to ask native residents to take part in a consultative blockchain-based vote this month using town’s digital ID system. They might be ready to vote by way of their smartphones by downloading and putting in an app. The experimental vote might be held between June 25 and July 1. Citizens might be requested if they’re in favor of setting alight fireworks through the annual Lakeside Festival, and whether or not they suppose digital IDs must be used to borrow books from the library, pay parking charges, and for identification on common referendums.

According to Swissinfo, the outcomes of the vote might be non-binding. Nevertheless, the initiative, which goals to check whether or not blockchain can be utilized on a broader scale, highlights once more the constructive perspective of Swiss authorities in the direction of cryptocurrencies and the underlying know-how. The canton of Zug, dubbed Switzerland’s Crypto Valley, has change into residence to many fintech startups and even established crypto firms just like the Chinese large Bitmain, which has opened an workplace there.

Bitcoin in Brief Wednesday: Zug Tests Blockchain to Decide on Fireworks and IDsFor a while now, Zug has been accepting cryptocurrency funds for municipal services, together with firm registrations utilizing bitcoin and ether. The metropolis launched its eID system to present residents with digital entry to council services. The pilot section of the venture began final fall. The system is predicated on blockchain know-how.

New Swiss Body to Simplify Capital Markets

In one other instance of Switzerland’s severe strategy to fintech improvements, main representatives of the nation’s monetary, technological, educational and authorized sectors have lately shaped the brand new Capital Markets and Technology Association (CMTA) to facilitate the usage of blockchain in monetary markets. In a press launch, they famous that “the blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for startups.”

According to CMTA’s founders, the dearth of authorized certainty is slowing and can doubtlessly compromise improvement in the sector. They hope to facilitate entry to funding for brand new companies by defining a set of industry-supported open requirements. These ought to finally contribute to worth creation all through the economic system mentioned Jacques Iffland, CMTA’s chair and accomplice at Lenz & Staehelin, the biggest Swiss regulation agency.

Bitcoin in Brief Wednesday: Zug Tests Blockchain to Decide on Fireworks and IDs

Swissquote Bank Ltd, a pacesetter in on-line banking, and Temenos, which specializes in banking software program, are also behind the initiative. CMTA guarantees to work to create toolkits that can be utilized by new or established firms, companies and startups to entry funding and elevate capital securely and effectively, utilizing new applied sciences and leveraging digitalization. The affiliation is predicated in Geneva.

Irish Blockchain Startup Delivering Aid to Refugees Raises €1m

Bitcoin in Brief Wednesday: Zug Tests Blockchain to Decide on Fireworks and IDsAn Irish startup, utilizing blockchain to facilitate the distribution of humanitarian help, has raised an estimated €1 million from traders, in accordance to {industry} sources quoted by The Irish Times. The Dublin-based Aid:tech is working in refugee camps, usually in hotspots just like the Middle East. On Wednesday, Enterprise Ireland and SGInnovate, the enterprise capital arm of the Singaporean improvement authority, introduced simultaneous investments in the Irish firm. This is the primary time each state-backed organizations have allotted funds to assist a blockchain enterprise, the Irish every day notes. Amsterdam-based Blue Parasol Investments and Tin Fu Fund, a closed personal fairness fund managed by Shenzhen Capital Group, also took half in the funding spherical.

Aid:tech goals to improve transparency in the distribution of help, welfare, remittances, donations, and healthcare services via digitizing their supply utilizing blockchain know-how on its platform. According to the corporate, solely a fraction of the estimated €306 billion (~$360 billion) transferred every year by non-governmental help organizations is at the moment delivered by way of clear techniques which, the startup claims, are extraordinarily costly to administer. The blockchain know-how employed by the Irish agency would permit all worldwide help to be accounted for, together with the distribution of medication, meals and different necessities, the publication particulars.

Government-Backed Platform to Promote Ireland as a Blockchain Hub

In an try to spotlight Ireland’s capabilities in the blockchain ecosystem, authorities in Dublin have launched a brand new government-backed platform. Blockchain Ireland, based in partnership with a younger firm referred to as Consensys, goals to create circumstances for higher cooperation between startups working in the sector, each on nationwide and worldwide stage. The platform was launched by the Irish Blockchain Expert Group and backed by Enterprise Ireland, the Irish Department of Finance, main members of the nation’s blockchain {industry} and representatives from quite a few educational establishments.

Bitcoin in Brief Wednesday: Zug Tests Blockchain to Decide on Fireworks and IDs

The on-line platform is a supply of helpful details about the Irish blockchain ecosystem. It might be used to promote the nation as a blockchain hub by highlighting the Irish know-how sector and enterprise atmosphere which flip Ireland into an excellent location for blockchain-enabled enterprise, Silicon Republic experiences. The services it is going to be providing embrace offering data on organising a brand new firm and assist for blockchain initiatives in Ireland. Its actions, nonetheless, will stretch past Irish borders. Blockchain Ireland might be working to develop the European and worldwide blockchain ecosystem as effectively.

What are your ideas on at this time’s subjects in Bitcoin in Brief? Let us know in the comments below.

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