Land grabGovernments may be big backers of the blockchain

  • But now it also uses the technology underlying bitcoin, called the “blockchain”, to help secure Georgian government records.
  • Experts are eyeing the experiment for proof of whether blockchain technology could alter the infrastructure of government everywhere.
  • Brian Forde, a blockchain expert at the Massachusetts Institute of Technology, argues that governments will drive its adoption—an ironic twist for something that began as a libertarian counter model to centralised authority.
  • According to a recent IBM survey of government leaders (conducted by the Economist Intelligence Unit, our sister company), nine in ten government organisations say they plan to invest in blockchain technology to help manage financial transactions, assets, contracts and regulatory compliance by next year.
  • Valery Vavilov, BitFury’s head, says blockchains are not merely a business opportunity, but a way to change how governments serve their citizens.

IN THE hills overlooking Tbilisi, Georgia’s capital, sits a nondescript building housing rows of humming computer servers. The data centre, operated by the BitFury Group, a technology company, was built to “mine” (cryptographically generate) bitcoin, the digital currency.

@wirelineio: Land grab: Governments may be big backers of the blockchain via @TheEconomist

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Land grabGovernments may be big backers of the blockchain