Cyprus’s First Municipality, Ayia Napa is Using Blockchain Technology

Recently, Cyprus’s mayor, Yiannis Karoussos, declared that the municipality, Ayia Napa, will be the first to use blockchain technology. The municipality combined with the University of Nicosia to enter into the venture of the blockchain era.

The mayor of the city said that the blockchain technology is significant for the city. He appreciated that the University, i.e., supporting them in implementing the technology. He continued that he is feeling proud that Ayia Napa is moving towards the technology sector again.

The municipality said that the city council of Ayia Napa initiated in the blockchain technology and became a partner with the University of Nicosia to modernize some of their services.

The blockchain technology will help the municipality in many ways, like verifying the marriage certificates electronically, providing digital certificates to the residents, etc.

There is a list of records, also known as blocks in blockchain technology, that are connected with cryptography. These blocks are resistant to data modification and make the entire system more transparent, reliable, and open.

The blockchain technology can also help in increasing the speed of transactions. The two parties can easily make the transactions without any need for any middle person.

According to the blockchain advocates, it is cheaper as well as a secure solution to the data storage, such as cloud storage.

The mayor of the town said that they are following other countries across the world by initiating the blockchain technology. It will have a positive impact on the lives of the people of Ayia Napa.

Source: Trade 99 News

0 Reviews

Write a Review

Vinkmag ad

InvestorTalks

Read Previous

AE Ventures to Invest in Four new Blockchain Startups

Read Next

10 Reasons You Should Invest in Cyprus

Leave a Reply

Your email address will not be published. Required fields are marked *