Madeira Leverages Blockchain Technology to Establish New Tech Hub

The exciting growth of blockchain and crypto technologies has captivated the interest of key innovators and developers to support the development of emerging technologies. A report featured by the Portuguese news outlet demonstrated that Madeira is set to unveil a new tech hub that will focus on the development of emerging technologies such as artificial intelligence (AI) and blockchain technologies.

Significance of Madeira Blockchain Conference

The newly launched tech hub was first showcased at the Madeira Blockchain Conference held at the Cultural and Research Center of Funchal (CCIF). The two-day event was attended by leading tech, fintech and crypto firms in the region.

Remarkably the event was attended by hundreds of forward-thinking individuals and entities. This provided a great avenue for innovators, developers and crypto enthusiasts to network and develop solid relationships.

At the event, the participants were pleased to engage in a meaningful discussion on the usefulness of blockchain technologies and the significance of emerging technologies in addressing real-life situations.

Additionally, the participant showcased how blockchain and AI technology can be integrated into the conventional finance and gaming industries.

Lately, Madeira has embraced friendly policies such as incentives to tech firms at their growth stages. This policy aims at positioning the Madeira as a leading tech-centric region in Portugal. Months ago the Madeira government introduced a free trade zone with a friendly tax regime for individuals and businesses.

Madeira Promoting Development of Blockchain and AI Technologies

In an exclusive interview with the finance secretary at Madeira, Rogerio Gouveia stated that the establishment of the tax-free zone in Madeira has attracted more companies to expand to the region. The executive confirmed that the free tax zone operated under the regulations defined by the Madeira government.

These regulations aim to stimulate economic growth in Madeira. Currently, the newly launched tech hub constitutes 30% of Madeira’s businesses and has become a tourist centre. This development has challenged Madeira to develop a payment network for supporting local merchants and foreign companies.

The team behind the proposed payment network are currently undertaking a feasibility study for the project. According to the report, the proposed payment network will be positioned on blockchain technology to enable the tourist to make payments through their respective debit cards.

Consecutively the Madeira authority plans to leverage the new payment network to double down government operations.From the multiple projects and initiatives present at the conference it was evident that blockchain was silently adopted in the gaming sector. The integration of blockchain into the gaming world enhanced gaming features such as buzzwords.

The complexity of buzzwords in games has lately created speculation among crypto enthusiasts. A few months ago Redcatpig a Portuguese-based gaming studio faced difficulties in marrying blockchain technologies to the existing gaming features.

Gaming Companies Intergrates Blockchain Network

In an earlier interview, the chief executive of Redcatpig Marco Bettencourt explained the complex nature of integrating blockchain technologies into the traditional games. The CEO admitted that despite the numerous benefits of blockchain technologies in gaming the Redcatpig developers were unable to integrate these technologies in upgrading the gaming features.

The executive regretted that after multiple attempts to position Redcatpig games on the blockchain network, the developers avoided introducing buzzwords to the games. The CEO admitted that Redcatpig focused more on building non-fungible token (NFT) games and other proprietary tools.

Bettencourt added that the Redcatpig were a bit reluctant to start selling games through buzzwords. The CEO argued that with the interesting growth of the technologies, the players are less concerned about whether the games were supported by either Web3 or blockchain technologies.

The executive stated that the Redcatpig developers plan to launch a blockchain-powered game that will offer the players non-fungible tokens (NFT) skin and drone features. The CEO argued that the new gaming features will be traded using fiat or crypto assets.

Benefits of Crypto Fundraising

In a separate report, the head of ventures and strategy at Subvisual Alexandre Mendes reacted to the ongoing fundraising projects by the Web3 firms. Based on the business need the executive argued that not all capital is the same.

Mendes outlined the need for companies to reevaluate the type of investors in a funding round and how the capital will be used to improve the governance tools. The official observed that as startups seek to gain dominance in the vibrant crypto sector some entities are stuck in an infinite dilemma of launching tokens and upgrading existing products simultaneously.

The official stated that based on the dynamism of the industry it was of no importance to launch a token. Mendes argued that most of the startups at their early growth stage were uncertain about what they intended to build on. He agreed that most of the startups are not clear on whether the pursue tech development or upgrade their products.

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