The Isle of Man's Department of Economic Development (DED) today announced plans to trial the first government-run blockchain project.
Using proof-of-stake protocol Credits, developed by local startup Pythia, the department will create a registry of digital currency companies operating on the island.
However, the "proof of concept" is not intended to rival any future directory introduced by the island's Financial Supervision Commission (FSC), the DED said in a statement.
Brian Donegan, head of operations for digital development and e-business at the DED, told Bitcoin News:
"What we’re actually looking at is a major initiative on the back of the work the Isle of Man has been doing around cryptocurrencies ... We’re the first to do this but we’ll be assessing it as we go."
There are currently 25 digital currency businesses based in the Isle of Man, all of which are subject to the island's anti-money laundering (AML) laws since last month.
'Wider use'
Nick Williamson, CEO of Pythia, said the move showcased the "wider use" of blockchain technology outside digital currencies.
He added:
"The Isle of Man ... government [is] currently developing a new and wide ranging digital strategy for its own services. Therefore it seemed relevant that blockchain 2.0 applications be considered as part of this strategic development."
The DED's trial is set to start privately next week, with a public release expected later this month.
Additional reporting contributed by Yessi Bello Perez.
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