Web3 is more than just games, NFTs, and cryptocurrencies.
It has a great real-world utility and the world is catching on.
ICI Bucharest, Romania’s National Institute for Research and Development In Informatics, is working in collaboration with Elrond Network to create two strategic projects leveraging the power of blockchain. Both projects are pioneers at the European Union level. Plus, the team working on them includes ICI Bucharest research experts with engineers from Elrond Network.
“Our common goal is to evolve the relationship between citizens, the business environment, and state institutions, using state-of-the-art digital innovation. Web3 technologies can help public administration and institutional processes run more efficiently, quickly, and securely. We want to explore this significant potential with our Elrond Network partners.” said General Manager ICI Bucharest Adrian Victor Vevera.
Using infrastructure developed by the Elrond Network, it plans to:
- Create a digital asset NFT (Non-Fungible Tokens) trading platform for state institutions, businesses, and citizens
- Create a decentralized DNS (Domain Name System) and TLD (Top-Level Domain) ecosystem based on blockchain technology.
Why should these projects have your attention? The projects seek to encourage citizens, businesses, and state institutions to collaborate on projects with common utility. By leveraging the benefit of a regulated, fast, and secure environment for trading digitized, personalized, and owned elements, all role players can undertake different projects in several industries.
“The intersection of governance and technology creates a universe of opportunities for advancing society. It is the right time to take the initiative along with our partners from ICI and embed Elrond Web3 innovations into the next generation of national and institutional frameworks,” said Elrond Network CEO Beniamin Mincu.
The industries that can benefit from the project include education, intellectual property, digital insurance, real estate records, property titles, certificates of authenticity, energy certificates, distribution and supply chains, art, and fundraising.
Also, by encrypting digital assets using blockchain technology, they can enjoy additional benefits including:
- preservation of the authenticity and utility of digital documents
- transferability and verification in a fast, efficient and secure way, and
- lower cost.
More so, ICI Bucharest aims to overcome the limitations of the classic DNS and TLD system. How? By implementing a decentralized DNS (Domain Name System) and TLD (Top-Level Domain) system, using the vast global network of 3200 Elrond servers. The system will encourage the transition of institutional platforms to Web3 technology and will facilitate the related processes between users. This hope is that this will lead to a streamlined current system for both institutions and citizens.