No longer an obscure technology underpinning Bitcoin and other cryptocurrencies, the blockchain has emerged as one of the most transformative innovations the world has ever seen. Cryptocurrency news are filled with the latest on how the blockchain is disrupting industries as diverse as finance, manufacturing, social media, travel, and entertainment.
A critical element of the blockchain’s mainstream adoption is how different countries receive the technology. Five countries are leading the charge into the future with their progressive moves towards greater blockchain use.
Top 5 Countries Embracing Blockchain Technology
While many countries around the world still struggle to understand the concept of decentralised technology, some are already deep into implementing the technology. These early adopters include:
Switzerland is home to some of the biggest blockchain technology companies in the world. In fact, the Zug area has earned the moniker “CryptoValley” for its role as a driver for global crypto growth. It is a hotbed for exceptional talent, advanced infrastructure, and crypto-friendly regulations.
In 2016, Zug became the first city ever to accept cryptocurrency for tax payments. In 2018, it finished successful testing of a voting system based on the blockchain, with many more projects in the works.
As the birthplace of many cutting-edge and revolutionary innovations, there’s no surprise that Japan is several steps ahead of most countries with the blockchain. Some Japanese retail stores are already accepting Bitcoin as payment.
The country is one of the largest Bitcoin traders at present, with over 40% of 2017’s Bitcoin trading happening in yen. Some of the world’s brightest blockchain experts are in Japan designing new applications for decentralised platforms.
- United Kingdom
The United Kingdom has the second largest number of blockchain companies and start-ups in the world. Leading cryptocurrency news sources have reported the blockchain’s potential to solve the UK’s growing issues with slow financial services and identity theft.
The University of Surrey is working with the UK’s National Archives on a project called ARCHANGEL, which will use a permission blockchain. The technology gives way to a new, tamper-proof archive for the irreplaceable documents.
To pave the way for blockchain technology, Australia has removed taxes for all cryptocurrency trades and transactions. In addition, the Australian Securities Exchange has announced its adoption of blockchain technology once their two-year testing period is over.
One of the world’s emerging superpowers, China, is also one of the biggest advocates for blockchain technology. The country hosts thousands of start-ups based on the blockchain.
Chinese banking consortiums are beginning to support the blockchain. Meanwhile, the Chinese government has expressed strong support for its top smart contract and cryptocurrency platforms such as VeChain, NEO, and QTum.
Blockchain Technology is Taking the World by Storm
As more and more of the world’s countries are vying to be undisputed leaders in adopting blockchain technology, it’s only a matter of time before the technology becomes a household word.
Don’t be too late for this white-hot market and investment opportunity. Start learning about the blockchain on cryptocurrency websites and consult a digital asset management company for guidance on how to get started on investing!