Tangem, a smart card wallet creator, has recently announced that it will be issuing physical bank notes of the sovereign (SOV) currency for the Marshall Islands.
These physical bank notes will be developed with the help of blockchain technology. allowing for a cheap, quick and global transaction for interested users.
Once Tangem begins to issue out the physical banknotes, they will be known as the second official legal tender by the Republic of Marshall Islands. Currently, Marshall Islands is utilizing US Dollars as legal tender within its jurisdictions.
From the recent press release announcing this new upcoming blockchain-based bank not. Tangem stated:
“Smart Card Wallet Maker Tangem Will Now Make Blockchain-based Physical Banknotes in the Marshall Islands.”
Blockchain technology is capable of help by introducing a faster and much cheaper transaction for the people. It’ll also enable instantaneous transaction validations and for zero fees. With the upcoming launch for a physical bank note, users will not need access to an internet connection to conduct a transaction. The off-chain physical circulation of the banknote will eliminate the need for a technical infrastructure burden for the authorities.
Tangem very own card will now become a physical banknote and will contain a secure blockchain-enabled microprocessor inside it. It’ll provide a similar advantage of a bank note while having the security of blockchain-based systems.
These notes have been guaranteed to be 100% secure, decentralized and transparent. They’ll also represent a controllable mechanism of currency issues and circulation.