Blockchain is the technology that is majorly supporting the operation of cryptocurrencies. However, its operations are not limited to merely the crypto-economy and are useful across various industries. It is the robust functionality of Blockchain technology that has caught the eyes of governments across the world. Countries are constantly competing against each other in terms of technical development and innovations. Many governments are funding researchers to better understand the potential of Blockchain and some are already in the process of testing its applications. The new age technology has the potential to revolutionize domains, including, Healthcare, National Identity Management Systems, Tax and Internal Revenue Monitoring, Voting and Secure Banking Services.
There are many countries where Blockchain is gaining pace and making a difference in the lives of people.
Dubai continuously explores and evaluates latest technology innovations that demonstrate opportunities to create seamless, safe, efficient and impactful economy. Dubai aims at introducing Flying Taxis, self-driving vehicles and actual ‘Robocops’. The country already employs new technologies before the world wakes up to them. With this, government hopes to become the first-ever Blockchain-powered country by the year 2020. Citizens are currently enjoying the leverage of embracing this technology and facilitating license renewals, bill payments and visa application through it.
As Dubai is a popular holiday destination, hosting millions of tourists and visitors every year, manual engagement is very high in processing and estimating 100 million documents. The processes are made paperless in transaction system that are hosted entirely on the Blockchain. This development can help save a lot of money and time.
The government of Eastern European nation of Estonia has actively been trying to deploy sustainable Blockchain-based solutions for many government activities. They have instilled Blockchain directly in the roots of citizenship by installing the model of Blockchain-based national identity management system. ID-kaarts has been able to reduce bureaucratic red-tape, thus improving the timelines and quality of government service delivery to Estonian citizens.
This nation was swift in implementing Blockchain technology in the Fintech industry. Government won the race by issuing licenses that allow Blockchain to be used as ducts for the storage and transfer of digital assets. The GBX (Gibraltar Blockchain Exchange) allows the integration of Blockchain in trading and settlement system.
Singapore, being a small island, is still counted amongst the biggest, most powerful Fintech hub across the globe with over 200 banks. The nation being relatively liberal, welcomes innovation, emerging technologies and has built a diverse ecosystem to support more than 150 start-ups on Blockchain-based technology, making Singapore the new California Dream for some intrepid blockchain explorers. The real estate industry is also adapting this technology in the most advanced manner. The transactions in this industry have become more transparent and secure by deploying smart contracts. The processes when run on Blockchain, save time and money by eliminating the paperwork and digitizing agreements.
There is a project that is designed for individualisation and improvement in the security of identities. It can be achieved by incorporating Blockchain Technology in proposed birth registry and identification system. In US Federal Government, both Pentagon and DARPA are reportedly focussing their attention on theoretical immutability of Blockchain. Through this, they aim to design a robust and secure network for protocol to run without the threat of interception or hacking.
Some Blockchain based applications are being pursued or leveraged by various governments from all around the world. While Cryptocurrencies continue to be shrouded in a lot of restrains, this technology continues to be interesting proposition for many governments. It is here to stay and governments are most likely going to espouse it.
LALA World having the first movers advantage, has been a part of this drive working towards making an impact globally with implementations of Blockchain technology in the Fintech Industry. With its consumer centric products being launched, the whole LALA Ecosystem is now shaping up. Embracing this cult technology is the new way to build a world that’s truly financially connected.