Global technology aka blockchain has gained another brownie point with its latest form in the international market that is a banknote. The Marshall Islands is going to be one of the first countries to recognize blockchain based banknotes as their official cryptocurrency. In order to attain this objective, they have reached out to the renowned blockchain expert Steve Tendon. It has been already announced last year by the government of Hilda Heine that they will be launching their own national cryptocurrency or the Sovereign (SOV).
In the latest update, it has been unveiled that the blockchain smart card wallets producer Tangem has been given the task of issuing the physical banknotes of the SOV. Further, in the later stages, it will join U.S. dollar as the official legal tender for the Republic of the Marshall Islands. A single Tangem card will have an in-built highly secured microprocessor in a unique physical banknote. It inculcates all the common features of paper banknotes. The characteristic of such SOV is that it is a fully transparent, decentralized and secure form of currency which corresponds to a convenient mechanism of currency issuance and its circulation as mentioned by PR Newswire.
Global technology enabled banknotes or SOV will facilitate cheaper and faster global remittance which will also be less prone to fraudulent activities. The government of Marshall Islands is looking forward to making sure that all their citizens have equal and fair access to their virtual currency irrespective of their internet connection facilities. The best part about this blockchain SOV is that the end users will be able to perform all the payment related actions sans internet connection and additional fees with no extra burden of technical infrastructure.
According to CoinDesk, there are several other countries which are looking forward to adoption and acknowledgment of global technology aka blockchain so that it can be deployed in apt areas of development.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]