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Cyprus shipping industry ready for blockchain
October 11, 2019
By Jonathan Shkurko
Blockchain technology has made strong inroads into the shipping industry all over the world, and Cyprus is following suit.
A draft bill to regulate blockchain technology is expected to be ready before the end of the year, Finance Minister Harris Georgiades said in July.
House President Demetris Syllouris said the move will have a massive impact in various sectors in Cyprus. “Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organised and their operation,” he said.
Blockchain technology could be simply explained as a list of records called blocks, that are linked using cryptography.
One of the main advantages of these blocks is the fact that they are resistant to data modification, making the system more open, transparent and reliable.