Hands up, how many of you can pinpoint San Marino on a map? As one of the world’s smallest countries, we don’t often hear news out of this enclaved land. But with the lowest unemployment rate in Europe, San Marino is also one of its wealthiest nations. So perhaps it’s not surprising that this tiny republic has its sights set on becoming an innovation hub for blockchain tech.
“We are the world’s oldest republic,” says Andrea Zafferani, Secretary of State for Economic Development, “and we are proud to begin a transformation led by technology.” Innovation, it seems, has been coursing through the veins of this postage stamp-sized country for some time already. The San Marino Innovation Institute has long been an incubator for startups of all stripes, and is at the center of this latest initiative.
With blockchain firmly in their sights, San Marino plans to showcase the far-reaching implications of this new technology. The San Marino Innovation Institute will be partnering with Polybius, an Estonian blockchain development company, to kickstart many blockchain-based projects and even create an entire blockchain ecosystem.
The Eastern European startup will provide their expertise in many areas, from data storage and password-free authorization, to notary services and verification. Through this partnership, they intend to transform San Marino into a blockchain innovation hub, incentivizing the government to further develop and contribute to projects in this industry.
Doing things the right way
The San Marino government is aware of the need for regulation and is busying about preparing the legislative framework for the industry. Not only does San Marino look to lead the way in blockchain innovation, but it wants to teach the rest of the world how regulation should be enforced.
Harnessing Polybius’ digital technology, the organization will start by creating improved and acceptable identity authentication and verification to reduce cybercrime and aid ongoing European initiatives to protect private data.
“The innovation sector is at the core of our development strategy,” Zafferani proclaims, explaining that San Marino will also focus its efforts on state-of-the-art regulation for the blockchain sector.
Sergio Mottola, Executive Chairman of San Marino Innovation, added that the country is interested in blockchain’s capabilities for the long term, rather than “speculation surrounding today’s cryptocurrency world.” San Marino plans to be at the forefront of the blockchain revolution, building advances block by block.
Calling blockchain companies worldwide
San Marino isn’t stopping its efforts with the Estonian blockchain company, but is actively instigating dialogue with other innovators worldwide. So, if your mind naturally turns to Silicon Valley, New York, or Tokyo when it comes to blockchain innovation, it’s time to add San Marino to your radar.