Blockchain technology first gained momentum in 2009 with the emergence of Bitcoin. Since that time, it has undergone numerous phases of development and innovation. The lucrative opportunities in this domain are already shining bright. There are many companies and institutions out there that are experimenting with blockchain technology. Many of them are already reaping the benefits, and others still have a long way to go.
Public institutions cannot refrain for long from trying out such profitable technologies. Here are some significant nations that are testing out the blockchain to improve the quality of their services and deal with the competition in the private sector.
The United States of America
The US government is keen on executing blockchain technology across numerous sectors. In 2017, the FDA partnered with IBM Watson Health for the processing of health records and safeguarding patient data in an anti-fraud system.
In the year 2018, Austin-based startup and Homeland Security partnered to carry out trails for a blockchain project. The objective is to come up with an authentic database containing all the video footage and records of border patrol cameras.
The United Kingdom
The UK has been doing blockchain analysis since the time Brexit hit. In 2018, the Food Standards Agency (FSA) of the country made the statement that it made use of a distributed ledger system for tracking the dispersal of meat products. The success that followed this project made the Government seek ways to implement the same across other departments also.
Initially, China was never in favour of blockchain technology; however, the Chinese Government recently embraced this revolution. In 2019, Xi Jinping, Chinese President, announced that the country should make more efforts to utilize distributed ledger technology. The Government immediately passed laws to facilitate the utilization of blockchain across the country.
Japan is associated closely with Central Bank of Europe for the implementation of the blockchain-based system known by the name ‘Stella’. The said platform is directed at improving the infrastructure of the financial market and enhance the security of settlement contracts in the industry.
Zug, a small Swiss town, has not denied its inclination towards blockchain technology. The authorities are already using the technology for ID processing and storage and also for implementing a voting system. The Swiss Government took note of Zug’s success from blockchain-based projects. The Government is now promoting the same in other domains to improve the quality of public services.
The Georgian Government began a blockchain project along with Bitfury Group to enable citizens to register their properties as part of the National Agency of Public Registry. In the process, the state saved a lot of money on logistics and paperwork? Apart from this, the people also get to enjoy access unaltered blockchain record of their ownership.
As of now, Singapore is working on Project Ubin, which is a blockchain system spread across the nation. This is a fresh new collaboration amongst banks and tech companies. This collaboration is directed at improving the payment system across the country. Consequently, there will be immediate currency conversions completely void of intermediary taxes.
Dubai is a hub for business and is very popular for its state-of-the-art infrastructure. The UAE is planning to take blockchain to the next level. Dubai aims to be the very first Government across the world to be running transactions through blockchain by the year 2020. The officials are of the view that this movie will substantially reduce the costs of over $1 billion each year only by the processing of contracts, visas, and other documents.
These are just a few nations that have realized the potential of blockchain technology. Some other major nations include Denmark, Estonia, Uganda, Gibraltar, Brazil, and Venezuela. Undoubtedly, there are tremendous lucrative opportunities in the blockchain technology; the only thing lacking in many of the nations are proper regulations in this regard.
Sujit is a Crypto enthusiast and a blogger by passion. He Works for a Crypto news Company Cryptoknowmics. Cryptoknowmics is one of the best companies in this industry because they have a passion to provide users the relevant crypto, bitcoin, and altcoin news today. You can follow him on LinkedIn and Twitter too.