Exploring emerging technologies
The Madeira archipelago, known for its natural beauty, is seeking to revitalize its economy with the help of startups and tech talents. In an effort to diversify its economy and address an aging population, the local government of Madeira is exploring emerging technologies, including blockchain.
Attracting emerging-technology companies
Madeira's free trade zone, a special economic area that offers tax benefits, has seen a surge in emerging-technology companies. These companies make up nearly 30% of businesses in the free trade zone, thanks to the attractive tax incentives, such as one of the lowest corporate tax rates in the European Union and capital gains tax exemption for eligible firms.
Yacooba Labs and the Web3 ecosystem
Yacooba Labs, a software development company, is one of the players driving Madeira's Web3 ecosystem. The company utilizes blockchain technology for ticketing solutions, addressing issues like overpriced secondary markets and ticket fraud.
Shifting focus to technology-based economy
Madeira's tax incentives are part of a larger initiative to shift the region's focus from tourism to a technology-based economy. The local government is placing an emphasis on information technology education in local schools to prepare the workforce for the changing economy.
Payment network for tourists and government operations
Madeira is also working on a payment network that will connect local merchants and simplify currency exchange for tourists. This network, still in the feasibility study stage, is likely to utilize blockchain technology. It will enable tourists to load and use a single debit card across the archipelago for all products and services. The same card system will also be used to streamline government operations, including the payment of social benefits to residents.
Madeira as a technology testing ground
Madeira has a history of serving as a testing ground for new technologies. Over the years, the archipelago has validated technologies such as 4G and cable television. Now, it aims to test the feasibility of its payment network model, using Madeira as a laboratory for innovation.
During the second edition of the Madeira Blockchain conference, held between Nov. 30 and Dec. 1, Web3 companies from around the world gathered to shape the business models and technologies of tomorrow.
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