The Dutch government is very keen on blockchain technology by the look of things. Earlier today, news broke how a campus will soon be opened focusing on blockchain development. Coming up with new and improved financial technologies is of the utmost importance to the government.
Before Bitcoin enthusiasts get too excited, it is important to note this blockchain development campus is designed to attract banks and financial institutions. Bitcoin technology has been of keen interest to these parties, but it is doubtful they will use the open blockchain to achieve their goals. Instead, they will develop private and permissions distributed ledgers.
That being said, this move is quite interesting, to say the least, “Fintech Ambassador” Willem Vermeend announced the news and a conference organized by Holland Fintech and De Nederlandsche Bank. For the time being, the new location of this campus has not yet been revealed.
Many financial players see the blockchain as a revolutionary technology in the banking sector. Issuing a digital currency is just one of the potential use cases for distributed ledgers. Since the technology removes the need for third parties, a more efficient financial system can be designed. Clearing houses and notaries can be effectively removed from the equation, assuming developers properly understand the technology and provide security measures.
Willem Vermeend strongly feels it is unlikely all of the blockchain campus participants will use the same technology in the end. That would be a shame as an open blockchain connects banked and unbanked people from all over the world in a frictionless manner. That said, one of the objectives is to gain additional knowledge and expertise about this technology, and exchange it with other participants.
The Dutch Ministry of Finance is hopeful for the blockchain technology to become a key component of finance in the coming years. With all of the investment funds flowing to blockchain and fintech startups over the past few years, interesting solutions can be built. This new campus will aid in that regard, even if it is to create more private and permissioned ledgers.
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