09-19-2019 icon

Turkey Unveils Plans for National Blockchain Infrastructure

By Sagetwriter

The Turkish government has announced plans to introduce a national blockchain infrastructure to utilize distributed ledger technology (DLT) in public administration.

This latest development was made public through the country’s Ministry of Industry and Technology as it unveiled its Strategy 2023 vision for the country.

According to the announcement, Strategy 2023 is focused on blockchain and DLT which it describes as one of the fastest growing tech trends, while also referencing Bitcoin (BTC). A snippet of the Strategy 2023 document reads:

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.

The document further states  that a new open-source platform for blockchain will be established in Turkey; so as to analyse the use cases of blockchain in areas such as land registration, academic certificates verification, customs, and to determine other potential public sector applications. There are also plans by Turkey’s Ministry of Industry and Technology and Turkish regulators to create a regulatory sandbox for blockchain applications.

Turkey is noted to have released an economic road map in July this year where it discussed a potential central bank digital currency; this latest announcement further confirms the country’s interest in this industry.