GSB announces blockchain-based project that will revolutionise media

Medium-sized companies will enable individuals to be part of the blockchain success story, Heit said

In an interview regarding blockchain technology with German newspaper Deutsche Tageszeitung, Josip Heit, GSB Gold Standard Corporate Chairman, spoke about the potential of blockchain in a pandemic-stricken world, the possible benefactors of the technology and the future plans of GSB to keep up with the pace of innovation in the sector.

GSB is a powerhouse for the development of gold and precious metal trading software components. The firm uses blockchain to enhance transparency, flexibility and speed up transactions.

Addressing a question about the impact of the pandemic on the blockchain and how the technology can support the fight against COVID-19, Heit said that there was no doubt that the contribution of blockchain will be crucial in both a pandemic-hit and post-pandemic world.

“For example, tourism will only go in the foreseeable future with a digital proof of identity linked to vaccination confirmations or negative test results – realised through a combination of blockchain and biometrics, thus blockchain will have a significant impact on defeating the coronavirus,”  the executive explained.

Heit also announced that the GSB Group is working on a blockchain-based development that will revolutionise the media industry.

Dubbed GSMedia, the project is aimed at achieving an information advantage in the press and news sector by allowing the information of various leading news agencies to be compatible with the development through the introduction of a wrap protocol. Heit stated that the GSB group has already concluded contracts with various prominent groups from the news sector as the first step towards the project.

Explaining the impact of blockchain on the media world, Heit said that it will “change the news world in a network of large news agencies in the same way that the internet began to influence the press landscape only years ago.”

The chairman of the leading software, IT and blockchain powerhouse in Germany also spoke about the future of blockchain and its utility for private consumers. He explained that while large companies are currently leading the show in terms of blockchain adoption, medium-sized companies will soon catch up and thus enable individuals to take part in the success of the technology and benefit from its use.

When asked about the future plans for GSB with regards to blockchain, especially in a post-pandemic world, Heit revealed that the group was working on a future-oriented product called ‘Bitco World’ that will help in addressing the post-zero-hour crisis by focusing on discovery and the ability to connect products.

While the pandemic has hit many industries hard because of forced lockdowns, supply-chain obstacles and economic downturns, the crypto and blockchain industries have focused on using the crisis as an opportunity to up the pace of innovation, exploit its potential, and push for mass adoption of the technology – be it either through medium-sized companies exploring its options or companies like GSB creating products that will change the landscape of already-present industries and create new ones.