Gibraltar has been one of the locations on the world map to take major strides in adopting the Distributed Ledger technology (DLT). It made headlines last year when the Gibraltar Financial Services Commission (GFSC) announced plans to formulate laws that would focus on fintech firms that use blockchain, which would be the first of its kind in the world. The DLT Regulatory Framework came into effect on 1st January, 2018 establishing that the British overseas territory does not take its dedication to integrate new technology to update its economic and legal infrastructure lightly. This initiative also gave it a magnetic pull to the ferromagnetic drove of startups as it prepares for Brexit.
This bold step in administration has shown immediate effects. It is visible in the boost in motivation of establishments that are now open to expand shop and hire employees in new departments. Not surprisingly, Gibraltar has become the topic of discussion in relation to the same technology, this time causing ripples in the education sector. Leading the way once again, its government has set plans to be at the forefront of blockchain adoption by launching an advisory group to put together blockchain-related academic courses.
The government is collaborating with the University of Gibraltar to create the New Technologies in Education (NTiE) group that will rope in blockchain companies based in the country. The focus of their operations will be to address the growing demand for professionals to develop and work with the decentralized distributed technological innovation. This is the natural consequence of DLT being embraced across industries at a very rapid pace. The curriculum will train students in related skills and prepare them for future roles in the private sector as well as on the government level.
The popularity of blockchain and cryptocurrency related courses are on the rise, with 27% of the universities around the world already offering them. These comprise instructing on the entire spectrum of the subject, including coding and the use of smart contracts. The courses are speculated to be launched by the end of this year and will also see the active input from prominent names in the industry whose firms are in the process of acquiring license from the Gibraltar Financial Services Commission. Their participation is seen as a vital component to propagate a sustainable DLT commercial community in the country.
Silicon valley based blockchain company HashCash Consultants is one of the firms that have been wooed by the changing climate for the technology, and is in the process of extending their services to Gibraltar. Firms such as this have experience in implementing DLT as an efficient, quick, low cost mechanism for transmitting cross country and domestic payments, storing records, and as exchange platforms for cryptocurrency.