The scenic archipelago of Madeira, situated in the heart of the Atlantic, is not only a place of natural beauty but also a region dedicated to revolutionizing its economy through the utilization of technology and innovation. With a specific focus on emerging technologies such as blockchain, Madeira is leading the way towards a new era of economic prosperity and advancement.
As stated by Rogerio Gouveia, finance secretary of the regional government of Madeira, the archipelago is actively working towards attracting emerging-technology companies, with nearly 30% of businesses in Madeira’s free trade zone already involved in this sector. The free trade zone offers various tax benefits, including one of the lowest corporate tax rates in the European Union, making it an appealing destination for startups and technology entrepreneurs.
Yacooba Labs, a software development company that harnesses the potential of blockchain technology for ticketing solutions, is a key participant in Madeira’s technology ecosystem. By addressing issues such as overpriced secondary markets and ticket fraud, Yacooba Labs is at the forefront of driving innovation in the region.
In addition to tax incentives, Madeira is also prioritizing initiatives to diversify its economy and reduce its dependence on tourism. This includes a focus on information technology education in local schools, a significant departure from the island’s history of a 50% illiterate population in the 1970s. This strategic shift towards technology-based industries demonstrates Madeira’s commitment to long-term economic growth.
Furthermore, Madeira is making progress towards developing a state-of-the-art payment network that will simplify currency exchange for tourists and link local merchants. The proposed network, which is still in the feasibility study stage, is expected to leverage blockchain technology to enable tourists to use a single debit card for all transactions across the archipelago. Additionally, the same payment system will streamline government operations, including the distribution of social benefits to residents.
Rogerio Gouveia emphasized that Madeira is dedicated to testing and validating innovative models, positioning the region as a tech laboratory similar to its previous role in validating technologies such as 4G and cable television in Portugal.
The recent Madeira Blockchain 2023 conference, which brought together Web3 companies from around the world, demonstrated the region’s commitment to embracing technological advancements and shaping future business models.
As Madeira continues to chart its course towards economic revitalization, it is clear that the archipelago’s venture into the realm of technology and innovation is poised to unlock a myriad of opportunities and propel it into a new era of sustainable growth.
In conclusion, Madeira’s strategic initiatives and dedication to fostering a technology-driven economy underline its ambition to embrace a future defined by innovation and progress. With a strong emphasis on emerging technologies and an unwavering commitment to transformation, Madeira is positioned to emerge as a beacon of economic growth and technological advancement in the Atlantic.
+ There are no comments
Add yours