Winning Big in Blockchain - Switzerland and Hong Kong
Blockchain's claim to fame is Bitcoin. While it's going to be its most well-known application, the interest in the technology continues to expand as countries like Switzerland and Hong Kong are becoming onboard.
Blockchain offers a mess of applications across industries. The immutable and decentralized nature that makes it virtually robust poses a great advantage in handling a big amount of knowledge during nationwide elections. The Swiss country of Zug is currently performing on using blockchain to log votes. The Zug municipality isn't just keen to become a blockchain capital; it's also among the primary administrations to special interest to inaugurate blockchain-based voting.
The premiere was a hit- Fortune quoted Zug communications chief Dieter Müller told Swiss press agency. There have been not as many participants, but those that took part found the whole process easy. Technical analysis of how the trial went next as this is often the foremost common issue with electronic voting. The grail for electronic voting will be a system to permit auditing but will still preserve the anonymity of people. Some believe that blockchain might be the proper answer.
Hong Kong's Securities and Futures Commission (SFC) said that they should watch cryptocurrencies and Initial Coin Offerings (ICO) closely in their annual report. The watchdog also noted that the new technology brings in risks to decide to intervene if necessary. While the SFC has taken steps to make more defined policies against ICOs and native cryptos - warning people about the possible risks - Hong Kong has also continued nurturing financial, cross-border initiatives supported blockchain. The region has been steadily gaining a reputation as a world blockchain hub.
As an autonomous territory of China, Hong Kong operates with a separate form of government that also extends to its local economy. This suggests the town doesn't approach crypto in the same way that China does. It's a comparatively friendlier position towards technology in comparison to China.
CBW - External Analyst