Blockchain has become a keystone in the world economy and Andorra does not want to be left out of this technological breakthrough that can bring much added value to the country. It is in this sense that the Government is working on a legislative and legal framework that regulates this technology and makes Andorra attractive to investors that are interested in this field. The business world is increasingly dependent on blockchain technology, considered to be the future of transactions and the way of doing business.
To understand the importance of this new technology in the global economy, we need to understand how it works. Blockchain eliminates intermediaries in digital transactions (such as banks, for example) by allowing users to control the process. Blockchain allows us to store information that can never be lost, modified or deleted, thus ensuring the transparency and security of the transaction, and preventing fraud. This technology is based on the principle of truth by consensus, since the network of users does not need a third party entity that centralizes and validates the information, but becomes itself a source of trust.
There are private, public and hybrid blockchains, and they can be applied to a wide range of fields such as healthcare, housing, insurance, energy, NGOs, automotive, micropayments, logistics or copyright management among others. It is a technology that opens the door to infinite possibilities and that the Government wants to take advantage of by creating a new legal framework with the aim of establishing a stable legal infrastructure that allows investors to operate into and out of Andorra.