Turkey announces new strategy: building a nationwide blockchain infrastructure

According to Cointelegraph's September 19 report, the Turkish government announced plans to establish a nationwide blockchain infrastructure that will use distributed ledger technology (DLT) in public administration.

Venue-2986721_1280 (Source: pixabay )

On September 18th, the Ministry of Industry and Technology of Turkey released the "2023 Strategy" in Ankara, which documents its development vision. The 2023 Strategy emphasizes that blockchain and distributed ledger technology are the focus of the department's work in the next few years. In addition, the document mentions a survey from startup Genome, which ranks the blockchain as one of the fastest growing technology trends, with early blockchain startups growing by nearly 101.5%.

Blockchain management sandbox is coming soon

The 2023 Strategy document states that Turkey will establish an open source blockchain platform. The program will analyze different use cases, such as land registration, academic certificates and customs, to determine the potential application of blockchain technology in the public sector.

The Ministry of Industry and Technology also plans to work with Turkish regulators to create a regulatory sandbox for blockchain applications.

Turkish government documents first mention bitcoin

As stated in the report, the 2023 Strategy is the first ministerial document in Turkey to mention bitcoin. Turkey announced an economic road map in July this year, which described a digital currency issued by the central bank, but did not mention bitcoin or any other cryptocurrency. In addition, the 2023 Strategy provides definitions of blockchain technology:

The blockchain is popular with virtual currency such as bitcoin, which provides a distributed communications infrastructure that builds trust between the parties to the transaction without the need for a central authority. This feature supports many different use cases that can handle various transparency and reliability issues from smart contracts to supply chains. Because blockchain technology eliminates any intermediaries, it creates new business models and will shape the future.

Turkish institutions have been using blockchain technology in various fields. In August of this year, the Istanbul Blockchain and Innovation Center was established at Bahceşehir University. The director of the center, Bora Erdamar, said that the blockchain and innovation center will be “the most important research, development and innovation center in Turkey, and all scientific research will use blockchain technology.”

Earlier this month, Takasbank, the clearing, settlement and custodian bank in Istanbul, Turkey, announced the opening of a physical gold trading platform based on blockchain. Takasbank's new project aims to enable users to transfer physical gold deposited on the Istanbul Stock Exchange.