In 2019, it would not be surprising that blockchain will be drastically used across finance, banking, security, trading, governance, real estate, healthcare and logistics. While a number of countries are not taking blockchain in consideration, others are adopting it in a good speed. So, it is very clear that in future the innovation of blockchain hubs is where governments will play an important role. So here are 5 countries which are accepting and adapting to the growth of blockchain technology.
In Dubai, the government is supporting the innovation so that blockchain can be implemented in different sectors. This country is planning to set 20 blockchain based enterprises by 2019 and also it is aiming to become the blockchain capital in the whole world. These initiatives include improving services like education, healthcare, transport, road and energy. Dubai also aims to become one of the highest blockchain users in the world.
This is another country which has the perfect regulatory and political support which will help blockchain based startups to evolve. A lakeside town, called as Zug, is now known as Crypto Valley. This place attracts a huge number of foreign investments and also the home of pioneering blockchain based startups such as iProtus, Bancor, Melonport, ShapeShift and Status.
The BaaS (blockchain-as-a-service) in UK has already being used in order to keep track of disburse student loan grants and welfare paychecks. The government is continuously supporting various blockchain based technologies through direct funding to empower and amplify the end results. One of the areas where UK wants to use blockchain tools is health technology.
This country is also not far behind in the race for blockchain innovation. Some plans have already been announced by the Monetary Authority of Singapore in order to tokenize the currency of the country on Ethereum Network. Funds over US $225 million has been allocated by the government on integrating blockchain technology in various financial and government services.
This country is trying to recognize the huge advantages while there is a healthy interest in cryptocurrencies and blockchain in the minds of people. This is why Cyprus is trying to embrace the blockchain technology. UNIC (University of Nicosia) is leading the way by offering proper education in the field of digital currencies and blockchain technology. The university also has 2 post-doctorate positions in smart token corporate governance and distributed ledger technology. Also the geographical location of this country is advantageous and it is a key in adoption and innovation of this revolutionary technology.
The initial days of blockchain implementation would be a little bumpy taking into consideration the paradigm shift from traditional financial models with centralized control. implementation of blockchain would come up with positive decentralized models with customer in the driver’s seat.