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Turkish Government Ready to Unveil National Blockchain Infrastructure

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Turkish Government Ready to Unveil National Blockchain Infrastructure

Turkey’s Ministry of Industry and Technology announced their visionary plan of setting up a national blockchain infrastructure for proper utilization of Distributed Ledger Technology (DLT) in the centers of public administrations. The announcement was made public in the Strategy 2023 convention held on 18 September in the city of Ankara.

Strategy 2023: Breakdown 

Strategy 2023 lays its emphasis on blockchain technology and DLT as major priorities for the coming future. The document states a “Startup Genome” survey that has established blockchain technology as the topmost fastest growing trends in the technology sector. The industry has recorded a 101.5% surge in early startup funding internationally. 

The document also revealed that a new open-source blockchain initiative would be established in Turkey soon enough. This platform would analyze various cases such as academic certification, land registration and customs for accurate determination for public sector openings. 

The Ministry of Industry and Technology is also planning to work along with investors and regulators in Turkey to set up a regulatory sandbox for blockchain operations. 

Strategy 2023 is the first of its kind ministry document to incorporate the word “Bitcoin” in its reference. The nation released an economic framework module in the month of July that described a bank-issued digital currency but had no mention of Bitcoin or any other digital cryptocurrency.

The Buzz Around Blockchain

The government of Turkey has been adapting itself to blockchain technology in different spheres. In the month of August, the country’s first-ever Blockchain and Innovation center was inaugurated formally at the University of Bahçeşehir. Apart from this, the start of this month saw Turkey’s Istanbul Clearing, Settlement and Custody Bank (Takasbank), formally announcing a blockchain platform for trading gold. The banks initiative centers on allowing users to trade and transfer physical gold reserved at the Borsa Istanbul Stock Exchange.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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