The blockchain technology is one of the most discussed innovations of the digital transformation of economy and society, which is comprehensively implemented by GSB Gold Standard Banking Corporation AG. According to Josip Heit, this is the only reasonable way for the future, from an uncontrolled to a sustainable regulated market.

With features such as decentralisation, reliability and counterfeit protection, the block chain technology opens up a wide field of innovative applications and new forms of cooperation.

A block chain is a continuously expandable list of data records, also known as “blocks”, which are linked together by means of cryptographic procedures. Each block typically contains a cryptographically secure hash (scatter value) of the previous block, a time stamp and unalterable transaction data.

The block chain technology was developed based on the vision of a decentralized distributed system that would replace centralized instances and enable transactions to take place directly between the participants in the network. Over the past ten years, a substantial technological and economic development has taken place. By means of block chain technology, all conceivable values, rights and obligations in tangible and intangible goods can be represented by tokens and their tradability and exchangeability can potentially be simplified.

By far not the only use case for block chain technology is that of the crypto currency. With the sharp rise in the prices of many a crypto currency and the new form of financing known as Initial Coin Offerings (ICO), public interest in block chain technology has grown. Recently, applications beyond cryptocurrencies have been coming more and more into focus. In the Federal Republic of Germany (FRG) and the European Union (EU) a dynamic ecosystem of developers and providers of blockchain-based services has emerged. Thus, not only Germany has a promising basis for the development of a token economy.

Advertisement

With so-called tokens (hardware components for user identification and authentication), all conceivable values, rights and obligations in tangible and intangible goods could be represented and their marketability simplified.

In order to achieve this goal, GSB Gold Standard Banking Corporation AG has long strived to ensure that applications based on block chain technology are compatible with applicable law and to prevent abuse.

According to Josip Heit, this requires the creation of an investment- and growth-oriented regulatory framework in which market processes function without government intervention and the principle of sustainability is guaranteed.

Where block-chain applications offer clear added value over existing solutions, especially in terms of user-friendliness for citizens and companies, public administration should act as a lead user in individual cases, provided that it is ensured that confidence in secure and reliable action is not damaged. The development of competencies in this basic technology contributes to digital sovereignty, not only in Germany and Europe, but worldwide.

With this strategy, GSB Gold Standard Banking Corporation AG also pursues a regulatory policy that creates incentives for investment, releases innovative forces, ensures stability and thus contributes to inclusive growth that is also compatible with the sustainability goals of the German Federal Government.

Advertisement

The following 10 (ten) principles guide the actions of GSB Gold Standard Banking Corporation AG and its CEO Josip Heit

1) Promote innovation:
GSB Gold Standard Banking Corporation AG promotes digital innovations through its own technical departments, in particular to strengthen competitiveness in a future-oriented market. Only with entrepreneurial innovations can an economy maintain its leading position in the future and only with digital innovations can the public sector fulfil its function in the digital age. The use of block chain technology releases economic potential and other innovative forces.

2) Initiate investments:
In the opinion of GSB Gold Standard Banking Corporation AG, clear and stable framework conditions should be created which represent an attractive and secure investment environment.

3) Guarantee stability:
In terms of economic policy, GSB Gold Standard Banking Corporation AG pursues the overriding goal of maintaining macroeconomic equilibrium in line with the stability of the financial system without competing with it.

4) Strengthen sustainability:
GSB Gold Standard Banking Corporation AG uses block-chain applications in accordance with sustainability and climate protection goals.

Advertisement

5) Enabling fair competition:
It is a central concern of GSB Gold Standard Banking Corporation AG to support a level playing field for technologies. The principle of technology neutrality guides our actions.

6) Deepen the digital single market:
The developments in Germany are in a compelling relationship with developments in the entire European Union. Only with a completed Digital Single Market Germany will remain globally competitive in the long term.

7) Involve stakeholders (interest groups):
For GSB Gold Standard Banking Corporation AG, the integration of the knowledge of developers and users for the governmental framework is fundamental for comprehensive strategy development. By conducting online consultation, GSB Gold Standard Banking Corporation AG involves companies and civil society organizations in the development of the block chain technology strategy.

8) Guarantee IT security and data protection:
Only if block chain applications meet the IT security requirements recommended by experts and the legal requirements of data protection, risks can be minimized, misuse prevented and a high level of acceptance achieved. This is the maximum effort of GSB Gold Standard Banking Corporation AG and its CEO Josip Heit.

9) Provide for adjustments:
Due to the high speed of technological development, further action and the intervention of state institutions may become necessary in the future. Against this background, GSB Gold Standard Banking Corporation AG understands the block-chain strategy as a learning strategy which must be reviewed and developed further at regular intervals.

Advertisement

10) Electronic securities:
The German Federal Government, according to information provided by GSB Gold Standard Banking Corporation AG, proposes to open German law to electronic securities. The currently mandatory requirement of the documentary embodiment of securities (in paper form) will no longer apply without restriction. This regulation of electronic securities is to be technology-neutral, which GSB Gold Standard Banking Corporation AG fully supports, since, according to Josip Heit, only comprehensive regulation provides security for the user.

The German Federal Government has recently, on 7 March 2019, initiated a consultation process with the publication of a key issues paper and aims to publish a draft law in 2020.

Josip Heit and GSB Gold Standard Banking Corporation AG fully welcome this consultation process of the German government and look forward to a period of sustainable regulation within this financial sector.

Picture is available at AP Images (http://www.apimages.com)

Contact:
GSB Gold Standard Banking Corporation AG, Melanie Berger, Große Bleichen 35, 20354 Hamburg, Phone: +49 40 300 66 88 – 190, Mail: [email protected]

Advertisement

Web: https://www.gsb.gold/

Source: RealWire