- December 16, 2019
Blockchain has been disrupting multiple industries and it is only getting started. The key factor to its adoption is not resources, not scalability and definitely not any special new skill but just plain old awareness.
That’s right. Even if you come across a lot of people or developers who claim they are familiar with it, don’t mistake it with awareness.
It’s not about knowing what Blockchain is or why it is such big news or what is in the store for all the industries worldwide, but where Blockchain is being used right now is the actual piece of information.
Most Blockchain blogs are mostly focused on the former combined with information about the different blockchain types with their corresponding platforms, what everyone is failing to realise is in order for businesses to embrace Blockchain we need to be talking about the transformation happening RIGHT NOW!.
Being a Blockchain enthusiast I always enjoy reading such fascinating news. I will be sharing some of them so that the next time you are being questioned about the importance of blockchain you would not have to try to convince the other person and just tell them about the Countries already implementing blockchain and leave them speechless.
- The US-China Blockchain war
If you search for “most powerful countries in the world” you will find that the USA is in the first position while China is in third. So I guess if these two countries are battling for blockchain dominance then you don’t need to second guess yourself when suggesting Blockchain. Chinese President Xi Jinping announced strong support for blockchain technology in september 2019. If we talk about patents, China’s patent office, the National Intellectual Property Administration awarded 2,218 blockchain patents whereas the U.S. Patent and Trademark Office awarded 227 over the past 5 years, the major players being leading organisations like Microsoft, IBM, Accenture, Mastercard, China Unicom, Nchain Holdings, Alibaba, Goldman Sachs, Intel, JP Morgan.
2. Wallmart’s Food supply chain
Walmart is the world’s largest company by revenue, with US$514.405 billion, according to the Fortune Global 500 list in 2019. It is also the largest private employer in the world with 2.2 million employees and it is currently into the early stages of Blockchain adoption creating a food traceability system with Hyperledger Fabric as the Blockchain technology. You can read more about it on the official page.
3. Switzerland: The Blockchain Hub
Switzerland was named ‘the best country in the world for the third year in a row.
It has become a centre for new business ideas in the field of blockchain and distributed ledger technology (DLT) with its renowned crypto valley. Facebook also chose to incorporate the Libra Association in Switzerland. Project Ubin is just one of the innovative Blockchain use case in Switzerland.
With the new plan passed by the swiss federal government in the parliament to be reviewed in early 2020, which is aimed at removing legal restrictions on Blockchain, we might WE ARE witnessing a high density of flourishing crypto, blockchain and DLT companies throughout Switzerland including but not restricted to Bitmain Technology, Hdac Technology, Tezos, DFINITY, Bancor, Waves, SEBA, ICON, Monetha, Ambrosus, Aragon, Cosmos Network and many more.
4. Estonia: The Country on Blockchain
Estonia was the first Nation-State in the world to deploy blockchain technology in production systems — in 2012 with the Succession Registry kept by the Ministry of Justice. The technology chosen for Estonian systems is KSI Blockchain, also used by NATO and the U.S. Department of Defense. Blockchain has been successfully incorporated in healthcare, property, business, succession registries and digital court system in Estonia.
5. UK became a key player in Blockchain adoption by using Blockchain technology for food traceability, land registration and other government sectors.
6. Barclays, Royal Bank of Scotland Group and Clifford Chance are among 40 companies to test a new platform backed by blockchain technology for property registration.
7. Ontario Securities Commission Approved Pilot-Testing of Blockchain Token Trading Platform
8. The Philippines’ UnionBank has issued its own stablecoin, PHX.
India, Uganda, Brazil, Isle of Man, Denmark, Dubai and several other countries have significant contributions in the Blockchain domain leading to one conclusion, Blockchain is here. Don’t let anyone second guess your decision to trust blockchain as your technology solution unless they have some real facts Afterall with great change comes great criticism(yes, I just modified the spiderman quote).
Sooner rather than later because of increasing cybersecurity issues and transparency problems blockchain is going to be to businesses what air is to humans. All the new fields of studies let it be AI, Machine Learning, cloud or even Quantum computing, all have one basic thing common among them and that is data,millions and millions of bytes which needs a new, more secured and transparent way of storage which at the moment leads us to BLOCKCHAIN.
Stay tuned for more about Blockchain with WikiDLT. See you next time.