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- The small island in the pacific, named Tuvalu, is planning to go cashless to become a paperless society on blockchain
- The ministry of the island thinks that the adoption of a blockchain platform would help to bridge the gap between the island and other countries
- With a tiny population and just one bank, such a development would make it more user friendly
Tuvalu, a very tiny island in the Pacific, is planning to reduce, rather stop, all the online transaction facilities. They are also planning to reduce the crypto ATMs to just one on the whole island to reduce cryptocurrency usage. The Tuvalu government has proposed this aim to become one of the first paperless societies in the world.
For that, the ministry wants to use blockchain technology to create a digital national ledger. This is something which concludes that all of the data of Tuvalu would be stored using Bitcoin as per Satoshi Nakamoto’s vision of a public ledger. These data would also include the judicial, legislative, financial and executive data.
Benefits of replacing manual work with digital blockchain
Tuvalu also aims to replace all its cash economy with a form of safe digital currency. This is where blockchain’s role comes in, and it would systematically replace all the existing cash exchanges and make them digitized. This will make the recording of transactions online, computerized and less hectic, thus reducing the need for any sort of paper or manual entry.
In short, this blockchain will be providing Tuvalu with its dream of implementing a digital ledger that will be interconnected by a set of supercomputers. Thus, if any particular digital input is recorded, it can be easily traced, re-checked, and modified based on the computers’ data. Therefore, this would make the stealing and hacking of any related data impossible for misusers, thus rendering the stored data immutable and secured.
Goals of the ministry of the island
Simon Kofe, the Minister of Justice, Communication and Foreign Affairs of Tuvalu, has mentioned that this particular implementation has built a perfect type of technology for a national registry kind of process. He has also added that such a cashless and digitized approach will positively help Tuvalu in bridging the existing gap with other countries and prove to be very advantageous. The population of Tuvalu comprises less than 13,000 with just one banking facility and a vulnerable climate, so much exposure would prove to be beneficial for both the island and the customers or public.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
