Adrian Vevera, the director of ICI, says that it is an institutional NFT marketplace that would “develop the partnership between individuals and institutions by using a new digital framework.”
You can say goodbye to your real wallet.
In this institutional NFT marketplace, people will be able to use current NFT technologies to access, send, and store official documents safely and securely on a digital ledger called an NFT.
Reports say that these papers will include everything from birth certificates and driver’s licenses to transactions involving land or property. When everything is done, people in Romania will be able to keep digital copies of all their important papers in one place. To make this happen, the Romanian government is working closely with the Elrond Network, which is very scalable and makes less carbon dioxide than it uses.
The way government works is changing.
This project, called Romania’s National System for Issuers and Assets (NSIDA), aims to give people a safe NFT marketplace where they can get official documents that have been checked without having to go to a government office. The ICI also wants to use the Elrond Network to decentralize digital communication for Romania’s most important public resources, making them safer and easier to get to.
So, would this change in infrastructure make licenses, paperwork, and certifications that you have to carry around with you useless? No, not really. IRL files will still be valid and useful because future Romanian government papers will use forms that are protected by cryptography. Going forward, the main difference will be that they will also be able to use Elrond blockchain equivalents for online transactions or apps. By making these papers as NFTs, they are also safe and can’t be changed.
Lastly, the ICI’s project aims to make the preparation and processing of these papers faster and more efficient. Vevera thinks that Web3 technologies like NFTs “can transform public administration and help its institutions and processes leap forward in terms of efficiency and speed while decreasing costs, overhead and excessive bureaucratic activities.”
This project idea from ICI in Romania is the first of its kind in the whole of the European Union. If it works, governments all over Europe, and maybe the whole world, will benefit. By moving a lot of government services online, they can save money and make life easier for their citizens.
In a news release, Beniamin Mincu, CEO of Elrond Network, said, “The intersection of governance and technology creates a universe of opportunities for advancing society,”Let’s hope that this intersection will work out.