- The Ministry of Digital Affairs and GPW entered into a memorandum of understanding concerning blockchain applications on the capital market
- GPW will support the Ministry of Digital Affairs in the implementation of digitisation of the public administration using blockchain
The Ministry of Digital Affairs and the Warsaw Stock Exchange entered into a memorandum of understanding concerning blockchain applications in the public sector. The objective of the MoU is to promote the use of blockchain on the capital markets and to implement similar solutions wherever they can improve the effectiveness, efficiency and productivity of processes in the economy and in the administration.
“We want to work together in order to create a friendly and secure environment for high-tech companies. We need to look for ways to mutually enhance development trends in blockchain, AI, IoT, cloud computing,” said Deputy Minister for Digital Affairs Karol Okoński. “Our co-operation will enable the development of proposed standards for blockchain projects. We are planning to promote security standards strengthening trust in economic transactions and in the public administration,” said Minister Okoński.
The co-operation between the Ministry of Digital Affairs and GPW may help to develop proposed requirements for projects using blockchain and open public data, which follows the technological megatrends (including Artificial Intelligence and the Internet of Things).
“By signing the Memorandum of Understanding, GPW commits itself to providing extensive support in the digitisation of the public administration. Up to now, only 5 percent of the world’s leading exchanges use blockchain while 70 percent are working on blockchain implementations. By focusing on blockchain implementation, we can be one of the world’s leaders. On the capital market, blockchain may become an important driver of the bond and lending markets, the new private market, as well as post-trade, e-voting and online clearing systems,” said Marek Dietl, President of GPW.
The priorities of the Ministry of Digital Affairs and GPW are to develop security standards for economic transactions and the public administration, to build a sandbox (test environment) supporting the evaluation of new solutions for the public administration and the economy, and to create requirements for solutions including the tokenisation of documents, securities and rights in order to support the security and efficiency of economic transactions and processes of the administration.
Blockchain is a technology which supports secure and transparent transactions as well as storage and organisation of information. Thanks to cryptography, blockchain transactions need not be verified by intermediary institutions. Blockchain provides reliable identification systems. Blockchain applications will help to develop a friendly and secure environment for high-tech companies in Poland.
(Source: GPW press release)