On Tuesday, the National Institute for Research and Development in Informatics of Romania, also known as ICI Bucharest (ICI), announced that it will create institutional non-fungible tokens or NFTs, a marketplace, and a decentralized domain name system.

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Both services will be built on the Elrond (EGLD) blockchain, which is known for its ability to speed up transactions through sharding. ICI was founded in 1970 and is currently the most publicly funded information technology research institution in Romania. It currently controls the Romanian National Domain Name Registry.

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According to Elrond, these initiatives will be the first of their kind in the European Union. One of the applications of the NFT market could potentially be to digitize, access, transfer and store official documents, property documents or various certificates through a decentralized blockchain identity.

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Meanwhile, ICI aims to use Elrond’s 3,200 trusted online validators to overcome security vulnerabilities in legacy DNS and TLD systems. Adrian Victor Wevera, CEO of ICI Bucharest, commented:

“Web 3.0 technologies have the potential to transform public administration and help its institutions and processes move forward in terms of efficiency and speed while reducing costs, overhead and excessive bureaucratic activity.”

Elrond claims that its blockchain can process up to 15,000 transactions per second with a six-second delay, is carbon negative, and has negligible transaction costs. This was not Elrond’s first venture in Romania. Three months earlier, the National Bank of Romania had approved an offer by Elrond to buy Romanian fintech company Capital Financial Services, also known as Twispay.