Belgium is a Smart Nation. The Secretary of State for Digitalization, Mathieu Michel, wishes to clarify the debate and the issues on Web3 technologies, blockchain and digital assets! For this, he launches Blockchain4Belgium.
Web3, blockchain & digital assets huge potential
Currently, the emergence of blockchain is generating a lot of commentary and debate. Understanding of the issues is insufficient both among citizens and the political class and in the business world.
A #SmartNation must position itself in relation to emerging technologies, which can impact our society of tomorrow. Trust in digital technologies is essential. Everyone agrees on the need to raise awareness and explain these technologies and their impacts to all stakeholders.
Jack Hamande, Director General of the Simplification and Digitalization DG at the FPS Strategy and Support (BOSA)
Possible applications for blockchain are, for example, transparency of data exchange, data collaboration and control, decentralized finance, supply chain management, traditional finance and banking, data privacy , human resources and e-commerce.
The Web3, secured by interconnected blockchains, is also known as the decentralized web. This third generation of the Internet, which is powered by trusted data, uses distributed ledger technologies (DLT), Machine learning (ML), Big data, artificial intelligence (AI) and virtual reality (VR) .
Experts claim that Web3 will provide better security and increased privacy for users. This user-centric approach would allow each citizen to control access to their data in a private and secure manner.
The global Web3/blockchain/digital assets market has been growing exponentially for several years. These technologies will irrevocably transform all digital relationships between citizens, private companies, governments & civil society by putting blockchain technology at the center:
- 4 “T”: Transparency, Trust (Trust), Truth (Truth), Unfalsifiable (Tamper proof);
- IT infrastructures that are secure and resistant to security breaches and malicious actors;
- Smart contracts (self-executing computer programs or triggered by an external transaction).
The Web3 market represented 2.9 billion euros in 2021 and is expected to register a CAGR of 43.7% to reach 75.9 billion euros in 2030 and that of blockchain, meanwhile, with a CAGR of 85.9%, is expected to reach 1,333.19 billion euros by 2030.
Blockchain4Belgium offers recommendations to the government
Based on these findings, the Secretary of State for Digitalization has decided to launch the initiative Blockchain4Belgium. This initiative will allow the various Belgian actors to draw up a series of recommendations to the government.
Blockchain4Belgium will become, through FPS BOSA, a platform for players from industry, the academic world, civil society and the various administrations concerned (economy, finance, justice, etc.).
This group will answer questions like, for example, what are the technological advantages that blockchain offers? And what are its flaws? What are the existing concrete applications? How are we going to approach the opportunities offered by Web3 and blockchain? What place for Belgium on the European and world map?
Together, we must be ambitious, convergent and inclusive to develop a #SmartNation mindset. Today, Belgium must take an important decision for its future by affirming its digital sovereignty and its support for innovation. This will attract new capital, create jobs, promote growth, and increase the retention and attraction of human talent who are experts in these technologies.
Mathieu Michel, Secretary of State for Digitalization
More than 500 professionals have already registered and support this initiative. Two main areas of work have been identified:
- The first concerns innovation in the private sector and will propose a plan of recommendations which revolves around working groups on increasing the attractiveness of our country, retaining talent, education, pedagogy for all societal levels, taxation and regulation;
- The second mainly concerns the use of these innovative technologies within the State by proposing use cases for certain applications in the following areas:
- Government data
- AI and blockchain
- Certificate
- Self-sovereign identity
- Energy, environment and climate
- Administration infrastructure
- Health
- Mobility
- SME financing
Groups begin their work today. Their objective will be to present findings and recommendations to the government, with a view to establishing a Web3 / Blockchain / Smart Nation digital assets plan.
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