Turkey just announced plans for the establishment of national Blockchain infrastructure geared at utilizing distributed ledger technology (DLT), in public administration.
The country’s ministry of industry and technology set out its vision during its Strategy 2023 presentation in Ankara. The strategy 2023 vision places emphasis on Blockchain, and distributed ledger technology (DLT) as priorities for the coming year. The strategy statement refers to a survey by tech startup Genome that found Blockchain to be one of the fastest growing tech trends, with a 101.5% increase in early stage startup funding globally.
Ready to build regulatory sand box
The strategy 2023 document speaks of a new open-source platform for Blockchain set to be established in Turkey. The initiative will analyze different use cases such as academic certification, land registration, and customs to determine potential public sector applications.
The ministry of industry and technology in Turkey is also planning to work with Turkish regulators to create a clear framework and conducive environment for Blockchain operations in the country. The strategy 2023 document happens to be the first official ministry-level document in the country with the word Bitcoin in it, which had not been mentioned when the country revealed an economic road map that described central bank digital currencies, back in July. The document also provides a definition of Blockchain technology;
“Blockchain, which became popular with virtual currencies like Bitcoin, delivers a distributed communication infrastructure to provide trust between parties on transactions without the need for a central authority. This feature enables many different use cases that address transparency and reliability issues, from smart contracts to supply chains. Because it removes any intermediaries, Blockchain technology builds new business models that will shape the future.”
Turkish firms taking up Blockchain
Turkish institutions have been very receptive of Blockchain technology. In August, Bahçeşehir University inaugurated the Istanbul Blockchain and innovation center. The center’s director said that the institution would go on to be;
“The most important center of research and development, and innovation in Turkey in which scientific studies and publications are made in Blockchain technologies.”
Just this month, Turkey’s Istanbul clearing, settlement, and custody bank (Takasbank) announced the launch of a Blockchain-based platform for trading physical gold, which will enable users to transfer physical gold stored at the Borsa Instanbul Stock Exchange.