2018 could well be the year where blockchain technology finally makes the big break through around the globe. Sectors including finance, banking, governance, healthcare, real estate, security and more are all being transformed by this amazing technology, with many countries willing to lead the charge. The issue that the technology currently presents is that not everyone is in favour or an admirer, with some countries welcoming it with open arms, while others do their best to block its implementation.
Check out which countries are leading the charge below.
The UK is a very forward-thinking nation and it has already seen blockchain being used in online gaming to payment solutions. In fact, since as early as 2016 the government had expressed a desire to implement blockchain technology to reduce fraud, error and corruption. Blockchain-as-a-service is already in use in the benefit system to track payments and loans, with funding for further blockchain-based technologies continuing to roll in. Innovate UK is the development agency behind the UK’s implantation of blockchain tech and they continue to investigate how it can affect other areas such as health and healthcare.
Switzerland in many ways is the home of cryptocurrencies which run using this technology. Silicon Valley was behind the IT revolution and now Zug in Switzerland is known as Crypto Valley, with the expectation for it to have a huge influence on blockchains, especially start-ups. This lakeside town is idea when it comes to attracting foreign investments, with Bancor, iProtus, Melonport, ShapeShift and Status all start-ups to set up home there already.
Singapore is a country who have gone all out to embrace blockchain technology, playing host to a raft of successful start-ups. In fact, at the start of the year it was announced that Ripple was to make a splash. The government has already allocated well over $200 million in funding for the research and development of implementing blockchain technology into both government and financial services as they look to become a hub of innovation. There are also plans in place for the country’s currency to be tokenised on the Ethereum network too.
You could say that Estonia is a small country when compared with others in this list, but that’s precisely why their transition into an innovative blockchain hub has been a seamless one. They’re the first country in the world to establish e-residency, where people from other countries are able to become digital citizens, registering their business in the country. In Estonia you’ll also find ESTcoin in use, which is a national cryptocurrency, with talk that the government will back the ICO, which would be another first.
Now you could be forgiven for thinking that China is a no-go area for blockchain tech with a ban on cryptocurrencies and crypto mining in place, but it’s not. In fact, there are thousands of successful blockchain start-ups in China as we speak, with the government being actively pro-blockchain. They’re huge supporters of their own blockchain platforms which include NEO, Qtum, TRON and VeChain as they continue to be one of the most innovative countries on the planet today.