Norway Opts For Ethereum Blockchain for Government Register

A number of tweets indicate that the Norwegian government will test the waters with regard to the use of blockchain technology. According to what was disclosed in the tweets, the Norwegian government intends to use Ethereum by way of Arbitrum for the capitalization tables of private companies.

At a conference that took place one week ago, the Brønnøysund Register Centre offered attendees with information on the Brønnøysund Register’s ecosystem for ownership information, which is an entirely new blockchain-based distribution service.

The Brønnøysund Register Centre is an entity under the jurisdiction of the Norwegian government that is in charge of the maintenance of several public registers across Norway as well as governmental systems for the digital exchange of information.

Offchain Labs has developed the layer 2 service known as Arbitrum for use with Ethereum-based decentralized applications (dApps).

On a separate front, the Norwegian Central Bank, often known as the Norges Bank, said in May of this past year that it is evaluating whether or not the general public ought to be allowed access to a central bank digital currency (CBDC). The Bank has said that it is now conducting tests while more consideration is given to the advantages and disadvantages of implementing a CBDC.

Governor Ida Wolden Bache stated “Better regulation is necessary for crypto assets and the services linked with them. The Norges Bank is keeping an eye on current events and plans to participate in the creation of regulations that support ethical innovation.”