Digital Isle of Man Adopts Blockchain Technology
Digital Isle of Man (Digital IOM), has become an early adopter in the nascent blockchain space and is now an official member of the British Blockchain Association (BBA), cementing its stance as a pioneer in this space.
Digital IOM is the primary conduit between government and the private sector and is responsible for encouraging growth and support, enabling Industry to flourish in the Isle of Man.
Digital IOM recently granted the world’s first reputable license for a blockchain lottery and recognises the ability of the blockchain technology to transform a number of business sectors. It recognises the importance of a global platform to demonstrate its innovation and technological developments.
Brian Donegan, Director for e-business at Digital IOM said:
“The BBA has been very proactive in providing a platform to support our blockchain based initiatives, which has provided us with added competitiveness in these markets via access to their specialist technical expertise.”
As a member of the British Blockchain Association (BBA), which is attracting more and more businesses from a variety of sectors, including: energy, medical devices, pharmaceuticals, identity management and food and drink manufacturers concerned about traceability and quality assurance, we asked Brian in what ways had the BBA supported Digital IOMs adoption and what their future would be like without it.
“In addition to a platform the BBA has offered advice, guidance and has connected us to other likeminded BBA Member businesses and individuals who understand what we’re trying to achieve. The BBA has facilitated and helped us integrate this technology as well as drive awareness of the importance of this ground-breaking technology, for example into the blockchain enabled lottery business.”
The BBAs Journal, the JBBA, will help close the education and awareness gap and with its network of advisors already speaking to Government officials and groups we are confident that both the IOM and the UK can lead the way in blockchain technology.
Dr Naseem Naqvi, Co-founder of the BBA said:
“We are delighted to welcome Digital IOM as official member of the British Blockchain Association. Over the last four decades the island has built a reputation as a ‘top-class’ jurisdiction for offshore banking, investment funds and captive insurance. With its involvement in the crypto industry, including digital currency exchange, and with more and more new blockchain initiatives starting up we’ll be able to support Digital IOM to collaborate with UK industry, academia and government for an even greater impact.”
The BBA has multiple memberships available to support those in the blockchain space including memberships available for all organisations, educational establishments professionals and students. Being part of the BBA grants members access to cutting-edge research, knowledge and learning resources and opens the door to our global community.
The British Blockchain Association:
- The British Blockchain Association (BBA) is the UK’s first network dedicated to the promotion and adoption of blockchain technology. More information can be found via http://www.britishblockchainassociation.com/
- The BBA Advisory Board includes industry leaders, academics and international blockchain experts who actively work with, and influence, BBA Members, Partners and Policy makers. More information can be found via www.britishblockchainassociation.com/about
- The JBBA is Europe’s first peer reviewed journal dedicated to blockchain. The JBBA Editorial Board includes industry leaders and eminent scholars and from top UK and international academic institutions. More information can be found via www.britishblockchainassociation.com/jbba
The Isle of Man Government:
- Digital IOM is an Agency of the Isle of Man Department for Enterprise with responsibility for Digital Economy, e-Gaming and Digital Media. The Agency’s purpose is to support Industry on the Isle of Man, enabling the Island to become a centre of international excellence for the digital economy through a close government and private sector partnership.
- The Isle of Man is a British Crown Dependency situated off the North-West Coast of England, with a strong history of successful innovation in Finance and Digital Technology.
- Over the last four decades the Island has built a reputation as a top-class jurisdiction for offshore banking, investment funds and captive insurance. In the early 2000’s the Island diversified into eGaming with a world class reputation for regulatory excellence. This proposition accounts for eGaming becoming a fast-growing sector that today represents approximately 20% of GDP. When telecoms and software output are added this figure rises to 30% of GDP.
- In 2013 the Island engaged with the emerging crypto industry and welcomed digital currency exchanges to the Island where new business could avail of Registration and Oversight frameworks designed specifically for the crypto industry. From these early beginnings, the Isle of Man established a reputation as a go to location that understood the intricacies of digital currencies, crypto, blockchain and ICOs
- Today the Isle of Man continues to attract new digital business and has a number of notable successes to its name including the world’s first AML compliant ICO in 2017 and the world’s first blockchain-enabled lottery license, granted in August 2017.
- There are several blockchain initiatives now getting underway in the Isle of Man and they aims is to integrate these efforts by collaborating with UK industry via their British Blockchain Association membership.