Some great breaking Islay news this morning, which should be exciting for both IT nerds and whisky buffs alike. The Scottish Government is announcing that Islay has been chosen for the trial of the roll-out of both AlbaCoin and AlbaContracts. This will put Islay and Scotland truly on the map for the new exciting blockchain technology. They will revolutionise how business as well as everyday transactions will be conducted on Islay and soon all over Scotland and even the world.
AlbaCoin and AlbaContracts are based on the blockchain technology, the underlying technology for cryptocurrencies and more. AlbaCoin is an electronic cryptocurrency which will replace physical banknotes and coins with fully electronic and safe currency. It is also likely to be the new currency of an independent Scotland should Scotland gain independence in the near future. AlbaContracts are intelligent e-contracts based on the blockchain technology, allowing secure and trustworthy transactions and tracking in the digitalised economy.
Some information about the technology from Lead Project Manager John Holland:
AlbaCoin and AlbaContract both use the newly developed and extremely secure 512 byte P.E.A.T. (Petaflop Excentric Algorithmic Triangulation) method, which is impossible to break. Leading cryptographic experts were involved in its development.
The technology is supported by all major banks and law firms as well as the major technology giants and will be integrated in all major technology platforms and operating systems.
The technology will be rolled out to all households and businesses on Islay and Jura with training and information sessions starting soon. The trail is funded by the government and will not cost the users anything, while bringing plenty of benefits.
AlbaContracts will provide huge benefits to the distilleries, who through the blockchain technology of AlbaContracts will be able to trace all the ingredients from source to bottle, e.g. barley from field through maltings to mashing, distilling, maturing and bottling. The ultimate in trace-ability. Bruichladdich wasn’t available for comment, but it is believed they will implement the technology to support their provenance and terroir ambitions until their new local Islay maltings are complete.
Certainly exciting and interesting times for Islay!