Countries around the world embracing blockchain
A huge number of countries around the world are looking for legitimate values in order to endorse the cryptocurrency and blockchain along with that. The countries are ignoring the original philosophy that was linked to the bitcoin, that it is a tool that helps and protects the sovereign nation against many financial institutions and a huge number of regimes that are oppressive.
Even some of the developed nations like China and the United States of America are also following some creative approaches in order to use the blockchain technology in various departments and developments for the nation. The smaller economies like the Virgin Islands and Malta are also using the crypto technology to expand and boost up their economies. Some of the countries in the world that are using the blockchain technology are.
The United States of America
With the regulations that have been imposed on the cryptocurrency in America and the way it is seen in the country, we cannot immediately assume this nation to be an active user of blockchain. But there surely are a huge number of departments in the American Government that are exploring and using various applications related to the blockchain.
The most common example that can be seen is that America has an employment opportunity for private blockchain; they use it to award yearly grants to different departments. The project that handles it all is known as GrantSolutions. This process makes sure that there is a centralized record, keeping information about all the grants that have been given. This process also helps in easing up the whole process so that the grants can be renewed every year and distributed to the concerned department.
It has also been found that the United States Government has been working on building an encrypted data exchange project for healthcare. This incubator program will allow the citizens of the country to be able to store their personal healthcare information and swell it to the researchers if required.
The joint chiefs are also found to be using the technology that allows pilots to use blockchain in order to transfer the 3D printing files. These files are communicated to the military bases when needed. It is known that replacing older equipment is not an easy job. That is why the military is mainly relying on 3D printed parts in order to modify and repair vehicles and weapons. The blockchain technology enables the communication to be encrypted so that there is no chance for data theft.
The global headlines have recorded a shift in China's view about the blockchain technology. Recently Chinese President Xi Jinping released a statement that China has huge plans to dive right into creating blockchain integrations. They are planning to use this integration in a number of areas.
Chian is known to impose surveillance on the population and has a huge number of controversies related to the development of the social credit system. This system is meant to give a reputation or status to each citizen based on their behavior. The country is planning to go further with this blockchain endorsement, and some further surveillance and restrictions might be imposed on the citizens of China.
The basic properties of cryptocurrency and blockchain include immutability and transparency. This means that the Chinese Government that is using this technology provides its complete official authority to look into each and every detail related to the citizens' dealings and financial history. This further leads to blacklisting the citizens on the bases of the activities that are unwanted in the eyes of the Chinese Government.
Of course, we cannot make any more speculations regarding this until any information or solid developments come in front. But we can see that this use of blockchain technology to improve and impose monetary control is not completely new. Many countries like Russia and North Korea have been found indulged similar projects.
Back in 2018, Venezuela releases its Petro cryptocurrency that was backed up by oil. This was seen as a token of the NEM blockchain. The main purpose behind using the centrally based currency was basically to improve the liquidity of the oil reserves present in the country. Also, it was used to act as a stable alternative to the hyperinflation crippled national VEF.
The Petro was also known to be a mechanism in the country to evade sanctions and make the foreign trade a lot easier. But it is still unclear whether or not this oil-backed cryptocurrency has some acceptance in the international market and by the business partners abroad.
Even after the interest shown from the bad actors, the blockchain is still used a lot by this nation's Government in order to arouse the growth of the economies and also to cause an improvement in the infrastructure of the country. A lot of the first users of the cryptocurrency as national currency were small countries. They were looking forward to gaining an advantage with the use of this technology and use the benefit to fasten up the growth of their nation.
Malta is one such country that has been able to witness huge levels of growth across the nation after it became a blockchain-friendly country and made it a part of its legislation. With the beginning of the explosion back in the year 2017, a huge number of cryptocurrency-related start-ups started to establish their roots in Malta and also moved their operations.
The most notable movements have been of the company named Binance HQ that relocated to Malta and has the exchange value that exceeds over two billion USD. This instance is enough to provide information about the boost in the Island's economy that had the GDP less than thirteen billion USD in the year 2017. Also, there are further chances for the country's growth and future prosperity.
The British Virgin Islands
Recently the British Virgin Islands recently adapted the cryptocurrency as an alternative for cash. The country has recently shown an intention related to focusing its technology and effort in developing the Financial Technology sector. It also holds a dream to come up as a FinTech leader in the coming times.
They are starting with the digitalization of their economy; this is being done with the help of the digital currency that will be used centrally.
In the last month, the British Virgin Islands organized a symposium on the digital economy. This was meant to strategize and educate the stakeholders to present all over the Island. The stakeholder's count was about a hundred and they belonged both to the public as well as the private sector. This symposium also had a presentation that was created by lifelabs and had information about the BVI life project that has been going on. This project is focused on creating a cryptocurrency that is centrally accepted and has the value equal to one USD. This will help in addressing the hurdles of the Island's consumption and business faces.
This initiative also incorporates Rapid cash Response. This system will allow the country to get ample funds in case it encounters any disaster in the future. This is done because of the experiences that the Island has faced in the past. The hurricane Irma in 2017 destroyed damages that were worth three billion USD and also caused trauma on the citizens. The lack of the funds back then caused a delay in the required clean up.
What does this mean?
Well, as we put our steps further towards a global economy that is digital, blockchain helps us in creating a third world tool that will not only help in the development of the economies but will support the digital transition. It will allow other nations to be equal to the first world countries that are already established. This benefit is most impactful for the nations that are currently under fiat domination and are known to have a fragile baking infrastructure.