An MoU was signed between the Republic of San Marino, Republic of San Marino Innovation Institute S.p.A, DNV GL Business Assurance Group AS and VeChain Foundation Limited, to guide the Republic toward the adoption of the blockchain technology.
The blockchain MoU, aims to define models able of incentivizing sustainable behavior from citizens. This forms part of San Marino’s strategy to develop, promote and deliver a full ecosystem of technological innovation and facilitate digital transformation.
‘San Marino Low Carbon Ecosystem’ was proposed by DNV GL, in cooperation with VeChain. It aims to reduce CO2 emissions and, as a result, apply circular economy business models. The platform will encourage environmentally friendly practices such as water saving, waste disposal and management.
The practices will be rewarded through a utility token, the San Marino Innovation Token issued by San Marino Innovation, which can be used to access services offered within the Republic. The implementation of the low carbon ecosystem represents a first global example of incentivization through the use of blockchain technology and a utility token.
In the near future, two working groups involving technical and legal specialists as well as institutions will be created to ensure swift and effective operations.
We’ll give life to a project that will directly engage citizens and reward their sustainable behavior, while also meeting the country’s demands in regards to CO2 emissions reduction, water saving and waste disposal and management. Our ambitious goal is to become the first zero-emissions country in the world
mentioned Andrea Zafferani, Republic of San Marino Secretary of State for Industry, Trade, Business, Cooperation and Telecommunications.
According to Sunny Lu, CEO of VeChain, its key goal is to push for blockchain mass adoption in a way that will change people’s lives for the better. The initiative is significant and unique to any country-led blockchain project, she added.
In addition, Renato Grottola, Global Director – M&A and Digital Transformation, DNV GL – Business Assurance, noted that the project showcases the political strategies aimed to reward the citizen, which are already partially in place through the SmaC circuit, along with blockchain technology, recently regulated by a Decree-Law ratified a few months ago, can successfully attract relevant partners.