These Countries Have Already Integrated Blockchain Technology
The blockchain has become one of the most popular technologies not only for the cryptocurrency or banking but also for many other business fields. This technology has a huge prospect in finance, insurance, banking, healthcare, data security, blockchain voting and many other domains. This article is going to help you understand the way different countries are unleashing the power of blockchain technology.
Let’s talk about why the blockchain revolution is around the corner, and what countries officially approve the use of blockchain technology, and how to hire blockchain developer to fully benefit from this emerging technology. To benefit from the power of blockchain technology, the blockchain programming and software development have already taken the center stage in many business realms.
According to the Goldman Sachs Investment Research Report 2016 information, the blockchain technology saved up to $6 billion in the global cash-security settlements and clearing. In the year 2018, blockchain technology is estimated to save in the range of $8 to $12 billion for the banking sector only.
Importance of Blockchain Technology & Blockchain Developer
The blockchain technology was developed by a blockchain developer commonly known as Satoshi Nakamoto. From the development of digital value – cryptocurrency, records or any other data of value – to the secure transactions of the blockchain stock on the distributed network of nodes, the software developer plays a very vital role.
The mushrooming of initial currency offers ICOs(Initial Coin Offering) have become so popular form of funding for the blockchain startups during the past few years. Only in the first five months of 2018, more 379 ICOs have been offered to raise more than $9.5 billion of funding to invest in blockchain technology. A large number of blockchain technology companies are emerging in the market that creates a substantial demand for blockchain engineers, developers and blockchain architectures.
|Month of Y2018||Monthly No. of ICOs||Funding Amount Raised|
Another major demand for blockchain developers is created by the Ethereum platform, which allows the developers to develop different kinds of blockchain solutions, such as smart contracts blockchain codes and blockchain tokens. Meanwhile, the use of blockchain in healthcare is also increasing very fast for storing and managing the medical records due to the powerful capabilities of the blockchain security.
So, it is very imperative that the software developer is very important for the blockchain implementation in different fields of business and the development of new blockchain solutions.
Top Countries That Embrace Blockchain Technology the Most
However, a large number of countries legally allow the cryptocurrency and blockchain technology as legitimate, but some of the major countries in the Asia and Africa still don’t accept blockchain based digital currency as a legal mode of payment.
The majority of the countries that embrace blockchain technology come from either North American or European regions. Nevertheless, some other countries like the UAE are also advocating for the better implementation of blockchain technology in their business sectors.
Let’s have a look the top countries that approve the blockchain technology not only in the country but also implement it into the government activities.
Canada is one of the top countries that recognize blockchain technology and cryptocurrencies as the legal tenders. It has taken numerous measures to streamline and regulate the blockchain technologies for the launching of new tokens, ICOs and other digital assets or blockchain smart contract. A large number of Bitcoin ATM has been installed in the country for smooth payments of virtual currencies.
The Canadian government is also taking measures to develop the virtual form of currency for its Canadian dollar. The cryptocurrency exchange is governed by the Financial Transactions and Reports Analysis of Canada (FINTRAC). Every transaction is required to be registered with this regulatory body so that money laundering, terrorism and other such illicit activities should be checked. A proper procedure for taxation has also been developed in the country.
United Arab Emirates
The UAE government is taking a special interest in the formation of its own version of virtual currency. The government wants to qualify for the first blockchain powered government by implementing the technology in different departments of the government. Recently, the government implemented blockchain technology in tourism to initiate temper free and tailored tours.
Dubai government launched 20 pilot projects as the use cases for the blockchain based services. It is also taking measures to encourage the private sector to implement blockchain in different sectors of businesses.
The official virtual currency for Dubai named Dubai Coin (DBIX) was launched in 2016. The UAE government plans to transition to a blockchain powered government by 2020 and save over $3 billion annually by 2021.
Belarus government is focusing to take on with the Silicon Valley in the domain of blockchain technology. It has made the bitcoin and other cryptocurrencies legal in the country. There is no tax on the virtual currency transactions till 2023. The special economic zone like Hi-Tech Park HTP has been declared with many tax relaxations and other promotional incentives to encourage the blockchain technology development. The smart contracts have also been declared as the legal documents in the country.
The UK is supporting the development and prosperity of blockchain technology through the Innovate UK initiative. The government is using the Blockchain as a service for the disbursing student loans and monitoring the welfare checks. The country is a large hub for ICO launches. The government is also encouraging different startup companies to develop financial as well as healthcare solutions based on blockchain technology.
The Singapore government is very supportive of the blockchain technology for developing different types of solutions in finance, banking and healthcare sector. The monetary authority of Singapore and representatives of banks have developed a decentralized software prototype for the blockchain-based payment system. The blockchain patent approval process has been fast-tracked during past few years.
It is also planning to implement the blockchain technology in the government. The country plans to tokenize the local currency on the Ethereum platform. A substantial financial support of about $225 million for the research and development (R&D) of blockchain technology has been allocated in the government budget.
The market size of blockchain technology is predicted to cross $7.7 billion by 2022 with a whopping growth of 79.6% CAGR. The fundraising for startups has become very popular and effective through ICO. The smart contracts and tokens are getting more and more popularity in the blockchain technology arena owing to its powerful security and reliability capabilities.
The future of the blockchain technology is very bright due to the large-scale support of the governments of many countries, and unprecedented interest of entrepreneurs in this technology.