The National Institute for Research and Development in Informatics also known as ICI Bucharest (ICI) in Romania taps Elron Network for developing an institutional NFT marketplace and a decentralized Domain Name System (DNS/TLD).
According to the announcement, both of these projects are the first of their kind in Romania and the European Union overall.
The marketplace titled “The National System for Issuers and Digital Assets” will be created as a public-institutional marketplace to digitize, access, transfer and store official documents, property deeds or various certificates as an NFT.
The documents’ validity and utility will be preserved in their cryptographically secured format, allowing for faster circulation, lower costs, and enhanced security.
This format will make it easier to integrate new technologies and will serve as a catalyst for the complete digital transformation of government administration and governance.
Adrian Victor Vevera, General Director of ICI Bucharest, noted “The goal is to evolve the collaboration between citizens and institutions using a modern digital framework. Web3 technologies can transform public administration and help its institutions and processes leap forward in terms of efficiency and speed, while decreasing costs, overhead and excessive bureaucratic activities.”
Furthermore, ICI plans to use Elrond’s 3200 network validators to circumvent the security flaws in legacy DNS and TLD(Top-Level Domains) systems, and any existing vulnerabilities in the centralized design itself.
Beniamin Mincu, Elrond Network CEO, stated “The intersection of governance and technology creates a universe of opportunities for advancing society. It is the right time to take the initiative along with our partners from ICI and embed Elrond Web3 innovations into the next generation of national and institutional frameworks.”
A few days back the Elrond Network had to face a crisis when Maiar DEX deployed on Elrond faced an exploit leading to a 7% price drop in Elrond’s native token. Later the exploit did get resolved with two mainnet upgrades which improved the security of the network and solved the bug.
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