Blockchain technology is one of the most discussed innovations in the digital transformation of business and society, which is being implemented comprehensively by GSB Gold Standard Banking Corporation AG. According to Josip Heit, this is the only sensible way for the future, from an uncontrolled to a sustainably regulated market.
With functions such as decentralization, reliability and counterfeit protection, block chain technology opens up a broad field of innovative applications and new forms of cooperation.
A block chain is a continuously expandable list of data records, also called "blocks", which are connected to one another by means of cryptographic methods. Each block normally contains a cryptographically secure hash (scatter value) of the previous block, a time stamp and unchangeable transaction data.
The block chain technology was developed based on the vision of a decentralized, distributed system that can replace centralized instances and enable transactions directly between the participants in the network. There has been significant technological and economic development in the past ten years. With the help of block chain technology, all conceivable values, rights and obligations in tangible and intangible goods can be represented by tokens and their tradability and interchangeability may be simplified.
The cryptocurrency is far from the only use case for block chain technology. With the sharp rise in prices of many cryptocurrencies 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 come into focus. A dynamic ecosystem of developers and providers of blockchain-based services has emerged in the Federal Republic of Germany (FRG) and the European Union (EU). This means that not only Germany has a promising basis for developing a token economy.
With so-called tokens (hardware components for user identification and authentication), all conceivable values, rights and obligations to tangible and intangible goods could be represented and their marketability could be simplified.
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 the applicable laws and prevent misuse.
According to Josip Heit, this requires the creation of an investment- and growth-oriented regulatory framework in which market processes function without state intervention and the principle of sustainability is guaranteed.
If block chain applications offer a clear added value compared to existing solutions, especially with regard to the user-friendliness for citizens and companies, the public administration should act as the main user in individual cases, provided the confidence in safe and reliable action is not damaged. The development of skills 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 is also pursuing a regulatory policy that creates incentives for investment, releases innovation, ensures stability and thus contributes to inclusive growth that is also compatible with the sustainability goals of the German government.
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 fulfill its function in the digital age. The use of block chain technology releases economic potential and other innovative powers.
2) Initiate investments::
In the opinion of GSB Gold Standard Banking Corporation AG, clear and stable framework conditions should be created that represent an attractive and safe investment environment.
3) guarantee stability::
From an economic policy perspective, GSB Gold Standard Banking Corporation AG's overall goal is to keep the macroeconomic balance 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 the goals for sustainability and climate protection.
5) Enabling fair competition::
It is a central concern of GSB Gold Standard Banking Corporation AG to create a level playing field for technologies. The principle of technology neutrality guides our actions.
6) Deepening the digital single market::
The developments in Germany are in a convincing relation to the developments in the entire European Union. Germany will only remain globally competitive in the long term if the digital single market is complete.
7) Involve stakeholders::
For GSB Gold Standard Banking Corporation AG, integrating the knowledge of developers and users into the state framework is fundamental for comprehensive strategy development. By conducting online consultations, GSB Gold Standard Banking Corporation AG involves civil society companies and organizations in developing the strategy for block chain technology.
8) Ensuring 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 can risks be minimized, misuse prevented and a high degree of acceptance achieved. This is the maximum effort of GSB Gold Standard Banking Corporation AG and its CEO Josip Heit.
9) Make adjustments::
Due to the high speed of technological development, further measures and the intervention of state institutions may be necessary in the future. Against this background, the GSB Gold Standard Banking Corporation AG understands the block chain strategy as a learning strategy that has to be checked and further developed at regular intervals.
10) Electronic securities::
According to the GSB Gold Standard Banking Corporation AG, the federal government is proposing to open German law for electronic securities. The currently mandatory requirement for the documentary form of securities (in paper form) no longer applies without restriction. This regulation for electronic securities should be technology-neutral, which GSB Gold Standard Banking Corporation AG fully supports, because according to Josip Heit only a comprehensive regulation offers security for the user.
The Federal Government recently launched a consultation process on March 7, 2019 with the publication of a key topic paper and intends to publish a draft law in 2020.
Josip Heit and GSB Gold Standard Banking Corporation AG fully welcome this federal government consultation process and look forward to a phase of sustainable regulation in this financial sector.
Image is available from AP Images (http://www.apimages.com)
GSB Gold Standard Bank Corporation AG, Melanie Berger, Große Bleichen 35, 20354 Hamburg, phone: +49 40 300 66 88 – 190, email: News@GSB.Global