President sat down with the President of Palau, His Excellency Surangel S. Whipps, Jr., to discuss a “digital residency program” in coordination with FinTech.TV Cryptic Labs. The Root Name System (RNS) is a blockchain-based residency and ID system providing access to future services within Palau’s emerging digital economy.
A West Pacific island nation, Palau is attempting to diversify its economy through the blockchain by launching a digital residency program. The Root Name System will serve as a foundational digital ID recognized by a sovereign nation. RNS is being developed by Cryptic Labs, a blockchain research institute and commercial accelerator.
“We are excited about Palau becoming an international hub for business.” President Whipps said. Palau is establishing a Blockchain-based sovereign-backed ID that can be verified in a groundbreaking move for the nation.
Shifting dependency away from tourism, a blockchain-backed digital ID enables KYC and AML/CFT clearances directly into the ID itself, which gets renewed every year.