As the core technology behind cryptocurrencies such as Bitcoin, the blockchain is seen by the German government as a promising key technology. The blockchain strategy released this time was drafted by the German Federal Ministry of Economics and Energy and the Ministry of Finance. It hopes to exploit the opportunities brought by blockchain technology to tap its potential to promote economic and social digital transformation.
The strategy identifies 44 action measures in five areas, including ensuring stability and stimulating innovation in the financial sector; supporting technological innovation projects and applied experiments; developing clear and reliable investment frameworks; strengthening technology applications in digital administrative services; and disseminating popular blocks Chain related information and knowledge, and strengthen relevant education and training.
The document clearly states that “the federal government will open the power of German electronic securities”. In the future, the German government hopes to create an applicable legal framework for the initial public offering of digital currencies (ICO). It is necessary to allow people to study the application of blockchain technology in areas such as stocks and securities, and to ensure that it does not become a substitute for the national currency.
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Energy supply is seen as an important application area for the blockchain, which will drive testing of distributed energy industry solutions and launch a blockchain-based feasibility study for the use of smart meter gateways to record and control energy facilities this year. A related public database of energy facilities has been launched.
In addition, the potential of blockchain applications in digital contracts will be explored. For example, the German Energy Agency (DENA) will establish a contract register for the energy industry, which will be available for reference in other industries in the future. Germany also hopes to introduce blockchain technology to validate the graduate certificate and the credits converted by the European Credit System (ECTS) in order to facilitate the international mobility of students.
German Federal Deputy Prime Minister and Minister of Finance Schultz said that in the application of blockchain, consumers and state sovereignty must be protected. Among them, currency issuance is one of the core elements of national sovereignty, "we will not transfer it to private enterprises."
The industry highly valued the government's new blockchain strategy, but pointed out that more funds needed to be invested in relevant basic research.