Blockchains claim to popularity is Bitcoin. While it can be its most well-known application, the interest in the technology continues to extend as global places like Switzerland and Hong Kong have grown to be on board.
Beyond Bitcoin
Blockchain offers a huge variety of programs at some point in industries, and the immutable and decentralized nature that makes it clearly robust poses a wonderful gain in handling a fantastic variety of information withinside the direction of countrywide elections. In fact, the Swiss tax haven of Zug is currently walking on using blockchain to log votes. The Zug municipality is not sincerely keen to come to be a blockchain capital; it is also a number of the primary administrations to the unique interest to usher in blockchain-based definitely voting.
The municipality completed its first trial, which involved people voting through their smartphones and the metropolis’s new virtual ID tool. The trial will become completed last June 25.
“The maximum dependable grow to be a success,” Fortune quoted Zug communications chief Dieter Müller knowledgeable the Swiss News Agency. There have been now not as many participants but those who took detail positioned the whole device easily. Technical assessment of approaches the trial went will come next as this is the most commonplace region issue with virtual voting. The Holy Grail for virtual voting can be a tool to allow auditing but will although keep the anonymity of individuals. Some agree that blockchain may also sincerely be the right answer.
Hong Kong wants to be a global blockchain hub
Hong Kong’s Securities and Futures Commission (SFC) said in their annual file that they intend to study cryptocurrencies and Initial Coin Offerings (ICO) closely. The watchdog moreover said that modern-day technology brings in risks so they plan to intervene if necessary. While the SFC has taken steps to create extra defined guidelines in competition to ICOs and community cryptos – warning people about the viable risks – Hong Kong has moreover persisted on nurturing financial, cross-border responsibilities based mostly on the blockchain. In fact, the region has been regularly gaining a reputation as a global blockchain hub.
As a self-enough territory of China, Hong Kong operates with a separate political tool that also extends to its community economy. In this manner, the metropolis does now not method crypto withinside the same way that China does. Several crypto-related agencies moved to the region after the Chinese crackdown. It will become the same time in September 2017 that Hong Kong expressed a manual for blockchain. It has a relatively friendlier characteristic closer to the technology even as in comparison to China.
