Top 5 Governments adopted Blockchain Technology
The craze of cryptocurrency business is expanding across the globe. In a very short period of time, the role of research and adoption of Blockchain technology has also grown for an unlimited time. Blockchain technology is all set-in order to reshape the world of cryptocurrency and crypto Kittie’s prices with transparency, security, safety, and global accessibility.
This detailed article underlines those countries which have embraced the blockchain invention in their country in order to help to solve different problems.
Blockchain, A Decentralized Distributed Ledger
Although, this advanced technology named blockchain was introduced in early 2009 when only rare countries improved their territories for exploring its huge potential.
Nonetheless, this current rate suffered a sudden rise after the beginning of 2018.
The main leaders of different countries are directly or indirectly took the regulatory measures as an initiation in the blockchain market with a live crypto price.
A variety of applications of this basic technology will affect people’s lives, education, finance, government, business and other sectors or all other aspects as well. Now, we are going to discuss some main countries which embraced blockchain in their country as initiative.
- Malta is also known as “blockchain Island” as they are also going to set up a unique crypto bank.
- The growth of the blockchain industry in Malta is going to increase when first Binance, the largest platform for crypto exchange and crypto price charts opened their office in Malta. It’s become the first place where the famous decentralized bank and the stock exchange was organized.
- Since then, Malta financial sector experienced enormous development for ICOs and different blockchain projects.
- After Binance placement, the most favorable legislation for virtual currency has led other exchanges to come here, for example, OKEx, BitPay, etc.
- On July 4, 2018, Parliament of Malta has approved an official framework for blockchain technology that makes it one the most blockchain-friendly country around the world with crypto priced.
- The government of Malta is actively involved in improving and enhancing that regulation which is super friendly for blockchain startups.
- This country is so much impressed with blockchain adoption, that even it’s Prime Minister was also speaking in its favour and predict that Malta will be the best place for blockchain startups.
- The perfect rules and regulations of Malta encourage investors and startups to get involved with different blockchain-related projects with cryptos price.
- Joseph Muscat, Prime minister of Malta wants to be at the front line in order to embrace blockchain technology and let other countries to follow their footsteps.
- The credit for making the first blockchain-based residency goes to the government of Estonia.
- Basically, it is a digital society that has accepted new technologies in order to assist the people and the current finance of the country. Also, they tend to use blockchain-based e-voting services. This kind of e-voting enables the people to become a shareholder of Nasdaq’s Tallinn Stock Exchange with a crypto price today.
- Most of the government services in Estonia offer 24/7 online and the remaining data integration which is ensured by blockchain technology.
- Now, it has started offering e-citizenship for those who want to live in Estonia and also attracted a lot of blockchains startups. Estonia, itself announced as a remarkable country in the blockchain industry.
- The government of Estonia is going to improve and innovate constantly. It is said that currently, Estonia is running as a tech company based on crypto coins price.
- Estonia is known to be a great place for blockchain startup and it could gain unlimited advantages provided by the blockchain industry.
Today, it is proved to be one of the best famous countries that adopt blockchain technology in the world. It ranks as 1st in Europe as crypto-friendly in early 2018.
Also, Switzerland is known for its best for Ethereum Foundation, a Swiss-non profit which makes Ethereum as one of the massive blockchain platforms with the help of investors around the world.
The legal system of Switzerland is transparent as well as economic stability, advanced data security and digital infrastructure were also there. The biological landscape and laws of this country have persuaded a lot of people towards crypto exchange to know crypto price alerts and crypto fund managers.
The financial sector of Switzerland has also different blockchain labs for making an investigation of this disruptive technology. Frontrunner labs of blockchain technology are named as ETZ, Zurich (CH), and TU Delft.
Blockchain in Switzerland is needed to impact financial service, insurance, linguistics, Energy, Healthcare and other aspects in the near future.
4) United Arab Emirates
UAE is considered to be another most digital-friendly nation in the world. The government of Dubai has also very ambitious goal regarding the blockchain technology.
The crown prince of Dubai and member of Board of Directors in Dubai, H.H Sheikh Hamad bin Rashid said that the government should have a vision of preparing digital enterprise, after which Dubai will become the first country in the world to have blockchain-based government by the year 2021. By using this strategy, the UAE expects to secure the government with a massive $3 billion USD at crypto stock price annually.
Did you that Dubai is also one of the early adopters of cryptocurrency? In early 2016, the government of Dubai introduced its own coin which is named Dubai Coin (DBIX) and since then use its own digital currency.
Dubai seems to be one of the most preferable countries for using blockchain startup. Blockchain Initiative of this country believed to transform the transactions of citizens, improve government efficiency, and also proceed with an opportunity of global entrepreneurship.
This Arabian country is an optimist to welcome all digital currencies. Furthermore, it intends to remain the most advanced society in the world by promoting emerging digital currencies. Read more here.
In the Asia Pacific region, Singapore is a leading example of adopting blockchain technology. The dominance of blockchain technology has deeply impacted the policies of Singapore’s government with all crypto prices. On 13 October 2013, research by Global Market Insights suggested that the partnership among Monetary Authority of Singapore (MAS) and a consortium of financial institutions inaugurated a new bank system whose network is based on blockchain technology.
The government of Singapore has also formulated different plans in order to tokenize the state’s currency on the Ethereum network. An amount of $225 million dollars was announced by Singapore authority for the allocation of blockchain research and development. Also, Singapore has adopted blockchain technology in the financial sector by using Project Ubin.
Today, Singapore has the third biggest ICO market. The massive craze of blockchain in Singapore is able to attract a lot of global investors. This country also has the world’s best blockchain researcher as they are expanding the use of blockchain to make a link with National Trade Platforms towards global trade platforms which are based on top crypto prices.
Other Big Countries adopting Blockchain
The UK has the second rank in blockchain startups in the industry. Their government has planned to enhance its regulation against identity theft and slow financial services.
China is also famous for carrying thousands of blockchain-based startups. It supports its own currency and another smart contract platform such as NEO, VeChain etc.
Japan was among the initial adopter of blockchain which also has the world’s largest Bitcoin exchange named Mt.Gox which was handled from Tokyo.
America also holds up to the largest number of blockchain startups. It has about 40% of the total blockchain startup market.
This list does not end here right now. This is just a snapshot of how different governments around the world are adopting and placing the blockchain. A list of other countries like France, Denmark, Australia, and Africa are adopting blockchain technology rapidly.