FinTech and virtual assets offer wealth of opportunities

Blockchain technology has been identified by Andorran officials as a powerful enabler for socioeconomic development, with the country eager to embrace the rich potential of cryptocurrencies.

With the assistance of foreign partners, Andorra has mapped out its journey to the goal of internationally-recognized intelligent destination. The high-profile Living Lab project combines a wide range of different research topics which will help the principality overcome future urban challenges. This transformation incorporates sectors including innovation, telecoms, energy and environment, mobility, dynamic urban planning and tourism.

The program is overseen by Actua – the national agency for economic development – and operates as an exciting collaboration initiative that comprises various ministries, government organisms, associations and representatives from the private sector. With eight million visitors per year and a rich concentration of commerce and technological infrastructure, Andorra is the ideal environment for companies and investigators to test their products and business models.

By teaming up with parties like the Massachusetts Institute of Technology (MIT) and Google, the Living Lab project is making excel- lent progress. Among the showcase ideas is Data Hub Andorra, a platform designed to store, cross, connect and process data from many sources of information. In the Blockchain arena, Andorra is digitizing and registering higher education degrees, making the principality a pioneer in the use of the cutting-edge technology.