If there is any futuristic digital technology that has received unending hype in the last 3 years, it definitely would be none other than blockchain. Decentralization, cryptocurrency, ethereum, bitcoin, digital assets, exchanges, digital currencies, ICOs are some of the buzzwords being bandied on the digital space.
Blockchain technology has therefore seen major implementations across different industries since 2017. We cannot also dispute the major aversion it has received, especially in 2018 when many disruptive blockchain-based projects were launched. With ICOs and crypto exchanges rising rapidly, blockchain technology has posed to be a force for the future.
Although the spheres have had to grapple with a few issues such as ICO bans, regulations, cyber attacks, and manipulations from governments, the momentum hasn’t decreased.
Whereas some countries put roadblocks for blockchain adoption, others are taking the charge and embracing the technology to their respective industries including trade, healthcare, governance, finance, real estate, and security.
Now, let’s take a look at these 5 countries that are fast adopting blockchain technology and innovation, and why they are positioned to create a massive impact on their economies.
Crypto and blockchain experts often refer to Malta as the “Mecca of blockchain or the Blockchain island” due to its relaxed and friendly regulation for cryptocurrencies and blockchain technology. The Government-backed legislation (Malta Blockchain strategy) for cryptos and regulatory framework for blockchain companies has enticed big exchanges like Binance to relocate to the small Mediterranean Island. It is also one of the few trailblazing countries that allow the execution of ICOs.
These perks for the emerging technology, coupled with the hosting of industry world events is luring investors and other fintech projects to the Island. This agenda will definitely offer a major economic boost for the country.
The UAE’s natural resources are only natural gas and petroleum. Later, they latched on a deliberate tourism drive that has seen the proliferation of global travelers and business tourists to the hub.
What is the latest with Dubai?
“Dubai wants to be the first city, fully powered by Blockchain by 2020, and make Dubai the happiest city on earth.”
In April this year, the Smart Dubai Office and Dubai Future Foundation launched the ‘Dubai Blockchain Strategy’ to provide a new wave of economic opportunity and digital innovation for the region. Under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, this blockchain strategy will drive the future economy of Dubai and save the government millions of dollars in document processing alone.
Dubai wants to be the first blockchain-powered government in the world. The Global Blockchain Council will implement blockchain initiatives in the areas of road and transport, trade, education and energy by 20121.
3. South Korea
South Korea is noted for its fast adoption of emerging technologies. The technological innovation in the country is the envy of many developed nations. Higher education, fast internet, vibrant pop culture, 5G technology, automobile, and dense cryptocurrency exchanges, are but a few of the elements that make South Korea stand out.
Despite the crackdown on ICOs and intermittent hacks that affected a few exchanges, it is leaving no chance in adopting blockchain technology into its seams.
The crypto industry is already pushing with legislators to regulate blockchain and digital currencies. Provinces like Jeju are already making plans to become an ICO hub. In the bid to become a crypto-friendly country, there was a Korea blockchain week in July that brought an uncountable number of enthusiasts into the country to celebrate blockchain technology and create partnerships.
The government announced recently that it has budgeted about 5 Trillion Won towards the growth and innovation of blockchain and AI in 2019. This measure, they believe will ensure data management security and boost the platform economy.
Singapore leads the pack of Asian countries that are fast adopting blockchain technology, ICOs, and digital currency innovations. Many blockchain startups have therefore flocked to the small Asian country to domicile and operate their businesses. Foresting which is headquartered in Singapore successfully conducted their ICO, and it goes the same for many other projects.
The Singapore government plans to tokenize the state’s currency on the Ethereum network. This, they see as giving a transformative boost to the economy.
The North American country is emerging as a hub for blockchain technology. This is as a result of a transparent legal system, receptive industry regulators and a forward-thinking financial services industry.
The vibrant startup community has also played a huge role in integrating the blockchain technology. Currently, the government plans to issue research grants using the ethereum blockchain.
The government believes that blockchain will provide transparency and trust in conducting government business and eliminate corruption. It intends to implement blockchain applications in finance, government, health, energy, and space.