It’s time for Colombia to adopt blockchain technology and cryptocurrencies, the country’s Ministry of Information Technologies and Communications (MinTIC) has urged. In a comprehensive guide, the MinTIC delved into ten sectors that could greatly benefit from integrating blockchain. In its first-ever guide on distributed ledger technologies and cryptocurrencies, the Ministry looked at the opportunities and risks that they pose to the public sector. The guide aimed to promote blockchain adoption in the public sector, thus “generating social and economic value for the citizens,” the Ministry stated.
The Ministry listed ten sectors that can benefit from adopting blockchain.
MinTIC laid out ten sectors that can benefit from integrating blockchain technology, including supply chain management, identity data management, digital payments, land registration, business records, and public tenders. The guide also cited the filing of academic degrees, tax management, and storing health records as other fields that could be transformed using blockchain tech. The country has already started exploring the use of blockchain tech to stamp out the runaway corruption in the country. In its June report, the WEF confirmed that the project had been a success and that it should prompt “cautious optimism over its potential.”
Blockchain adoption continues to grow amid the pandemic.
Regulators all over the world are warming up to the idea of blockchain technology adoption in different sectors. Several countries have passed favorable laws to promote the adoption of blockchain tech. In May this year, the Colombian government was one of the signatories of a ‘blockchain bill of rights.’ Last year, the South American country partnered with the World Economic Forum to trial the use of blockchain in its public sector. The MinTIC cited six countries that have advanced in their adoption of blockchain technology and the benefits they are now enjoying. They include Estonia, China, United Arab Emirates, the US, and Canada.