Blockchain and cryptocurrencies are something that all industries, businesses, and organizations have figured out as disruptive and revolutionizing. In recent years, blockchain has witnessed exponential growth in various domains. With some countries are still trying to understand the concept, many around the world have started utilizing its real potential.
The number of countries using blockchain technology is increasing rapidly. Here is a list of top blockchain-friendly countries and how they are using the technology to disrupt the traditional processes.
Switzerland tops the list of countries using blockchain technology due to its establishment of “Crypto Valley” – a virtual currency hub in Zug. Moreover, the country also enjoys the status of a tax-free haven for cryptocurrency investors. Startups including Bancor, Melonport, iProtus, and Shapeshift are some of the prominent investors in blockchain in Zug.
China is one of the top countries using blockchain technology. The country filed massive 225 blockchain patents in 2017, followed by 91 in the US. Moreover, mobile manufacturers in China are racing to launch blockchain based smartphones. All these instances show that the Chinese government has taken an official interest in Blockchain application.
Also known as “Blockchain Island,” Malta is a blockchain-friendly country and an extremely popular place for cryptocurrency businesses. The government recently launched the Malta Digital Innovation Authority to provide legal clarity for companies developing Blockchain technologies, ICOs, and cryptos.
Dubai is a forerunner in blockchain adoption and one of the hottest real estate markets for the investors. The country adopted blockchain technology as early as 2016 and is planning to be the first blockchain-powered government by 2020.
The United States of America is amongst the countries to adopt blockchain technology with bitcoin ATMs available within the reach of large city dwellers. The country has recently introduced Intercontinental Exchange (ICE) that would settle contracts through bitcoins.
Tourism is one of Queensland’s most crucial industries and amongst the major source of revenue generation. The government of Queensland recently adopted blockchain technology and launched TravelByBit – a token based on the blockchain. The decision came into existence due to the increasing number of local businesses accepting cryptocurrencies as a mode of payment.
Blockchain has witnessed significant growth in Chile in recent years. The government uses Ethereum blockchain to track data and finances to ensure accountability, traceability, and security. Also, on 19th April, the National Energy Commission announced the use of blockchain technology in energy.
The United Kingdom is yet another big name in the list of blockchain-friendly countries. In the year 2016, through the government’s initiative “Innovative UK,” Blockchain-as-a-Service (BaaS) was introduced for purchase. Initially, the platform was used for paying welfare cheques and disbursing student loan; however, now any government agency can purchase it for the betterment of society.
In view of adopting blockchain technology, Georgia implemented it’s land registry on Blockchain technology in the month of December last year to fight corruption in the real estate industry. What happened after that, over 90% of the total cost in the land registry has been reduced. Moreover, with blockchain, it takes a lot lesser time to handle land-related issues as the data is immutable and every node has an updated copy of the register.
Monetary Authority of Singapore declared on November 16th, 2016 that it is partnering with R3 (A blockchain based organization) and a consortium of major financial institutions in the world for a proof-of-concept project to conduct inter-bank transactions using blockchain technology. As per reports, the government of Singapore has allocated around $225 million to blockchain research and development.
Blockchain technology presents the perfect platform for governments to invest in digitalization of their countries. While some countries have already embraced the technology to disrupt their current processes, it would be interesting to see how other countries look at it. Sooner or later, we believe that blockchain technology will take over most of the industries and bring a digital metamorphosis.