On Tuesday, the Romanian National Institute for Computer Science Research and Development, also known as ICI Bucharest (ICI), announcement that it would build an institutional non-fungible token (NFT) market and a decentralized domain name system (DNS).
Both services will be built on the Elrond blockchain, which is known for its ability to speed up transactions through sharding. ICI was founded in 1970 and is currently the most government-funded institution in the field of information technology in Romania. He currently oversees the Romanian National Domain Name Registry.
As Elrond said, the initiatives would be the first of their kind in the European Union. One use of the NFT market would potentially be to digitize, access, transfer, and store official documents, title deeds, or various certificates through a decentralized blockchain identity.
Meanwhile, ICI is looking to leverage Elrond’s 3,200 powerful network validators to overcome security vulnerabilities in legacy DNS and TLD systems. Adrian Victor Vevera, General Manager of ICI Bucharest, commented:
“Web 3.0 technologies can transform public administration and help its institutions and processes move forward in terms of efficiency and speed while reducing costs, overhead and excessive bureaucratic activity.”
Elrond claims his blockchain can process up to 15,000 transactions per second with a latency of six seconds, is carbon negative, and has negligible transaction costs. This was not Elrond’s first venture in Romania. Three months earlier, the National Bank of Romania approved Elrond’s proposal to buy Romanian fintech Capital Financial Services, also known as Twispay.