While Wyoming is progressing towards the deployment of the first cryptocurrency supported by the state of the country, perhaps this year, the State began to test practical uses for the Wyoming stable token could be used.
The last test, according to state officials, proves that the stable token system could one day help residents and businesses when disasters such as forest fires or floods are hitting.
The state has teamed up with a blockchain startup last week to test how the stable token could be used to pay government entrepreneurs faster.
The law of the State offers agencies up to 45 days to pay private entrepreneurs for jobs, a period of time which generally involves a lot of examination of the government and bureaucracy – bureaucracy moving to anything except a light speed.
In collaboration with Hashfire, a technological company incorporated into Wyoming which announces as a company that transforms “agreements into instantly funded digital assets”, state officials have tested supplier agreements through a personalized treatment system that can reduce a check in the form of a stable token in a few seconds.
The treatment system quickly authenticated the transaction, ensuring that payment complies with the stipulations arranged in a supplier agreement while ensuring that the recipient has everything in order.
This process could now take days.
“From 45 days to a few seconds – it is more quickly 99.99995%”, ” AvalancheThe blockchain on which the test has passed, wrote on X. “Wyoming has just tested the payments of entrepreneurs in real time using its stablecoin issued by the state, Wyst, using @hashfirexyz on avalanche.
DOSSIN in the event of a disaster
The reason why this is important for Wyominites is that it could allow government money to be paid instantly to the first stakeholders who need supplies during a natural disaster.
This could help pay line players who come from other states to help repair the electric lines slaughtered after a historic storm. He could also provide people with immediate emergency funds if they live in a disaster area.
“The advantage of this is really obvious,” said John Belitsky, founder and managing director of Hashfire, at Cowboy State Daily. “You do not want your first stakeholders to lack petrol because they are in a tightening in cash and they could not complete the tank on the way to extinguish a forest fire.
“This is the kind of thing that would immediately make these funds available.”
Invoices that would generally float from the computer screen to the computer screen or the office at the office would be checked via a tailor -made documentation authentication system and automatically be made in less than a few seconds, “said Belitsky.
“It just goes directly to their portfolio,” he said. “My goal with the pilot was to demonstrate Wyoming, the state he comes from, how it immediately benefits Wyoming, not just in the rest of the world and not just people who work on the blockchain.”
The process is also secure with written safety checks to verify that money goes to the right objective and the right people – which can all be programmed and personalized according to the criteria required by the disbursement.
Infinite possibilities
“No one has to get a lobby,” said Belitsky. “No one should call (ask and ask), are you really?” Your address is linked to the agreement.
“All these things consult, otherwise the agreement does not deal with, then each approval is registered on its way from the State to the supplier to the final payment of this invoice so that you have 100% responsibility for contracts.”
American senator Cynthia Lummis, who directed efforts on Capitol Hill to obtain federal approval of the stable Wyoming token system, said in a statement that the test was only an endless start, the Wyomistes would benefit from digital currency.
“Wyoming has always been at the forefront of blockchain innovation,” said Lummis. “It is exciting to see the state of cowboy continue to be among the first to exploit the unexploited potential of our digital economy by offering stable payments to government entrepreneurs.”
The launch of the stable token by Wyoming should be deployed this summer, according to the governor’s office and other officials.
Justin George can be reached [email protected].