- Romania’s National Institute for Research and development is foraying into Web3 and NFTs.
- ICI Bucharest said it will build web3 decentralised domains and an institutional NFT marketplace on Elrond.
- Both initiatives are being developed in parallel by experts from Romania’s ICI Bucharest in collaboration with Elrond Network developers.
Romania’s National Institute of Research and Development is making a deep dive into the world of Web3 after announcing plans to build web3 decentralised domains and an institutional NFT marketplace. ICI Bucharest has collaborated with Elrond Network blockchain technology firm for the initiative.
The dual project is the first of its kind in the EU region and is being developed in parallel by experts from Romania’s ICI Bucharest in collaboration with Elrond Network developers.
Commenting on the institute’s decision to pivot into Web3 and non-fungible tokens (NFTs), Adrian Victor Vevera, General Director of ICI Bucharest said the initiative will “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,” he added.
One part of the initiative will see the two companies launch The National System for Issuers and Digital Assets, described as an institutional marketplace for digital assets like NFTs. The platform will use web3 and NFT technology to digitize, access, transfer and store official documents, property deeds or various certificates.
In an exclusive comment about the roadmap of the NFT marketplace, the institute told NFTgators: “At the moment this is a platform for inviting existing institutional entities to start exploring the NFT space. There are numerous possibilities for institutions to start, so there will be a greater interest once the platform will be launched.”
The aim is to achieve both speed and low cost in the transferability of legal documents whilst retaining their validity and utility.
The platform will use a standardised format to “simplify the integration with new systems and act as a facilitator for the full digital transformation of public administration and governance,” ICI Bucharest wrote in a statement on Tuesday.
The second part of the initiative will help ICI build a decentralized Domain Name System (DNS) and Top-Level Domains (TLD) by leveraging Elron Network’s scalable negative carbon blockchain ecosystem.
Elrond is a 3200 validator network, thus creating a secure and easy-to-access data system for critical public resources.
Beniamin Mincu, Elrond Network CEO commented: “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.”
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