Specifically, under the MoU inked between IOHK and the Georgian Ministry of Education and Science, both parties will partner to build the mercantile, functional and technical abilities to promote blockchain ventures and back fintech startups in the crypto and blockchain domain.
IOHK, a blockchain startup established by Charles Hoskinson, now collaborates with another blockchain project Ethereum Classic (ETC). Hoskinson, notably, serves as the CEO of IOHK.
Georgian government is particularly taking interest in higher education where blockchain technology can be utilized to guarantee the safe validation of certificates from national universities and also to assure their sameness with European qualifications.
The Ministry and IOHK intend to further implement blockchain so as to strengthen the security of sensitive information and to implement smart contract feature into Ministry facilities. The MoU is an attempt to make the country more open to business.
With pride, Mikheil Batiashvili, Minister of Education, Science, Culture and Sport, has highlighted the country’s advancement in the World Bank’s “Ease of Doing Business” index, increasing to 6th position at the end of 2018, from the earlier level of 112.
Notably, Georgia’s government has been commencing a blockchain supportive, minimum rule position. Back in 2017, Georgia turned out to be the first country to employ distributed ledger technology for safeguarding and authenticating government documents.
Georgia also has the reputation of having the fastest-growing electricity consumption per capita in all of Eastern Europe and Central Asia since 2009, with 10-15% of power set aside mainly for cryptocurrency mining, according to a World Bank report.