An increasing number of nations have started to show interest in endorsing cryptocurrency, rather than following the original philosophy behind Bitcoin, perceived as a tool to protect and empower citizens worldwide against oppressive regimes and financial institutions of predatory nature.
Established countries like the US and China have adopted a nuanced approach in integrating technology into various departments. Smaller nations like Malta and the Virgin Islands have looked into crypto as a means to expand the local economies. Here’s what you need to know about what’s going on in the world nowadays.
The US, with a regulatory stance on crypto, doesn’t typically come to mind as a champion of blockchain. However, many of the federal departments are actively exploring solutions that leverage blockchain for different purposes. To be specific, the US now employs a private blockchain to award yearly grants to many of its departments through a project called GrantSolutions. This initiative creates a centralized report of grants while simultaneously improving the ease with which recurring grants can be renewed and distributed every year.
According to a report, the US government is working on building an encrypted healthcare data exchange through the INFORMED incubator program. This allows citizens to leverage their healthcare data and sell it to researchers.
The JCS (Joint Chief of Staff) has also embarked on a project that utilizes blockchain to communicate 3D printing files over to military bases. The military is now relying on 3D printed parts to repair weapons and vehicles. Blockchain enables secure communication of these files in an encrypted manner that prevents it from unauthorized access.
China’s stance towards blockchain technology has been emphasized through global headlines. A series of statements made by the Chinese president Xi Jinping indicate that the country plans to integrate blockchain in several areas. Their use of surveillance on population and developments such as the social credit system suggests that their blockchain endorsement can be the means to surveil and restrict almost 1.4 billion citizens.