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Blockchain integration in Germany takes a step further

Maya Mandzikasvili | Jun. 26, 2019
Blockchain integration in Germany takes a step further

June 26, 2019 | AtoZ Markets - According to the local media, the Union of the two political parties in Germany has announced their plans on blockchain integration into public services

Blockchain integration in Germany is in the local politicians' hands  

As the Deutch press reports two political organizations- Christian Democratic Union of Germany (CDU) and Christian Social Union in Bavaria (CSU) will work together in the blockchain technology’s adoption to the public use.

The original announcement states that the CDU/CSU Union wants to use blockchain in administrative services, electronic health records, document protection, and registration.

The politicians proposed the creation of a new form of company, which should be linked to an alternative commercial register. The system should enable a digital, encrypted identification, which is done by specially trained notaries.

CDU/CSU Union to issue its own crypto

In addition to blockchain integration into everyday life, experts from the CDU and CSU parliamentary group and deputy leader of the parliamentary group Nadine Shawn also support the development of the state crypto.

As the politicians outlined, the new digital asset could be backed by the local fiat like stablecoin and managed and regulated by central banks.

The new stablecoins would “be spent through crypto-tokens of commercial banks that process them as demand deposits," the document says. The European Central Bank (ECB)  did not provide any comments on the CDU/CSU Union initiative, stating that "it does not comment on the statements of individual parties."

Germany explores the blockchain adoption in various industries

The community suggests that the new positions of the CDU and CSU parliamentary group are likely to be a part of the national blockchain strategy of the federal government, which is scheduled to launch this year. In February 2019 the German government revealed their plans to start consulting corporations and industry groups that may be interested in developing blockchain projects. 

Earlier, the central bank of Germany, Deutsche Bundesbank and the Deutsche Börse, the owner of the Frankfurt Stock Exchange, completed a blockchain trial that aimed to explore the technology’s potential in securities settlement. 

In addition, IBM institute reported, the German auto giant Porsche has been testing blockchain applications in its vehicles since February 2018. 

The latest news reports coming from Germany revealed that the German securities trading bank VPE WertpapierhandelsBank AG (VPE), has entered a partnership with the technology company solarisBank to launch a cryptocurrency trading service for institutional investors.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.