The Municipality of Nicosia to Use Blockchain Technology

It is with great pleasure that Block.co announces its cooperation with the Municipality of Nicosia. The aim of this cooperation is to facilitate the life of the citizens, in the context of modernization and digitalization of the services of the Municipality of Nicosia.

The cooperation provides for the training and use by the Municipality of a new and very important technology that changes and greatly facilitates the lives of all of us, especially due to the changes imposed by the current situation, blockchain technology. A technology that is expected to become an integral part of our lives in the coming years.

The Municipality of Nicosia, in anticipation of the forthcoming relevant legislation, is piloting the blockchain technology for the electronic version and verification of the marriage certificates performed at the City Hall.

Mr. Alexis Nicolaou, Executive Director of Block.co, who developed this technology, said that it is a special honor that the Municipality of the Capital has shown confidence in our Company and introduced this innovation in the context of its services. “I want to state that this is innovation beyond the narrow geographical context of Cyprus and it makes us happy to find followers. I believe that this decision will bring the Municipality in front of the data of the new era “.

How to get Electronic Marriage Certificate Verification?

As of today, all newlyweds, in addition to receiving a physical marriage certificate, will also receive a PDF copy of the marriage certificate with specific metadata linking this certificate to the blockchain. Note that the PDF of the certificate itself has not been published on a blockchain, but rather a fingerprint of the PDF file, which is sufficient to confirm that the exact document was actually published by Nicosia Municipality and bears the digital stamp from Bitcoin. By uploading this PDF Wedding Certificate to a validator that you may find on the Nicosia Municipality website one can verify its authenticity.

What is Blockchain and how does it work?

Blockchain is the technology that supports cryptocurrencies such as bitcoin. It is essentially a distributed database that records and processes transactions through a network of computers, without the need for a centralized entity to confirm the transactions. Trying to decipher the concept of Blockchain, we can say that Blockchain is a public digital directory or ledger, which includes all transactions/notifications that have been executed and recorded in a particular sequence of transactions. The process of creating and maintaining this file is defined and controlled by programming rules, called a consensus protocol. These rules shall be drawn up in the light of the exceptional need for trust between these persons. To learn more about the technology and our solution, feel free to check out our blog and glossary.

The general benefits of blockchain.

Public access to the blockchain facilitates transparency in transactions and the dissemination of information. In the same context, the control process and the security of transactions are facilitated by eliminating any potential infringements, precisely because of the public nature of the data. At the same time, the need for cost-effective intermediaries also disappears, as all transaction information is encrypted within the blockchain. Thus, for example, governments can save several billion each year by eliminating a series of processes that cost time and money.

Beyond that, there are a number of services and solutions in the financial sector that can become better, more secure, and require less time to implement using blockchain. As well as several other ideas that could take advantage of this technology and create many new products and solutions for the financial sector. Using Blockchain technology, provides improved traceability, increased process efficiency and speed, and reduced costs.

A good example is the case of Dubai, which plans to be the first city to fully embrace blockchain technology. Processing validation applications, paying bills, and renewing licenses are generating more than 100 million documents per year. By 2020, all of this will be done digitally on the blockchain. Moving from paper to Dubai is expected to save $ 1.5 billion (AED 5.5 billion) in administrative costs annually, reduce C02 emissions by 114 MTons, and free up 25.1 million hours of economic activity.

As far as Cyprus is concerned, the Ministry of Innovation Research and Digital Policy has already commissioned a law firm abroad to write the relevant legislation for the implementation of Blockchain technology, which is expected to be implemented within the year.

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