BTC Wires: Argentina has joined forces with several government agencies and decided to have its own distributed ledger for its public services. The news about this release first broke out on June 29, and it was made by the Argentine Internet Chamber of Commerce. The blockchain has been termed Federal Blockchain of Argentina(BFA) and is currently undergoing its design and infrastructural development phase. The aim of creating this blockchain is to refine the public services and standardise private applications. Developer who are working towards its development speculate that the blockchain will be fully functional and ready to use by the year end.
The aforementioned blockchain has 15 stages of implementation and will depend on no particular cryptocurrency for its function. This project is the amalgamation of three sectors, namely: public, for-profit and non-profit. Additionally, among prominent initiators are Cabase, the network information centre of Argentina, and the Universities Association of Interconnection Networks. These organisations are reputed for doing exception work together for a long time exploring digital governance avenues.
The project’s first stage is already underway and it focuses on administrating 15 distributed servers and a designed layout for user applications. As per the chamber at Cabase, the enterprises that indulge in blockchain will benefit greatly in terms of transparency and crowdfunding. And extended statement from the chamber states:
“This can be achieved, because of the fundamental characteristics of a blockchain, as well as its interoperability and collaborative attributes.”
Already a hub for blockchain development, Argentina went in favour of blockchain technology and cryptocurrency in a much less time as compared to other neighbouring nations. The people of the nation and their active participation towards building the Argentine ecosystem has a crucial role to play in this. It was only a matter of time before the people of the country recognised the true potential of blockchain technology. For the less informed audience, blockchain merges private-key cryptography and peer-to-peer networks.