Blockchain technology is developing at a very fast rate and its adoption is becoming significant as governments across the globe are showing reasonable concern towards the technology.
Governments are showing interest in blockchain
Government cooperation towards blockchain is notable especially across Asia where countries like Japan, Russia, China, South Korea, India have already shown major signs of recognition of the technology.
These signs are evident in the fact that these countries are not just talking about Blockchain but their government is showing an active interest in the adoption.
A country like Japan, has already legalized Bitcoin and become not only the most advanced country in the crypto field all over the world, but Startups likes BitFlyer and QUOINE are already creating Enterprise ecosystem for overall development of the technology in the country.
While the Russian president, Valdimir Putin and banks in the country continues to show interest in blockchain technology, evident in their continuous meetings with the founder of Ethereum, Vitalik Buterin, and now the announcement of an Ethereum alliance partnership, it is certain that Russia does not want to be left behind. In Russia, we are now seeing companies like Burger King coming up with their own coins which is taking crypto to the corporate world.
While the Chinese government is showing the mixed behaviour, we cannot deny the fact that the Government has given enough support to Bitcoin and blockchain through its manufacturing industry. This can be explained by the fact that biggest mining pools and hardware manufacturers have made their home in China. Companies like BItmain, Antshare, Onchain, OKcoin could also be considered as the main players. In China, the focus seems to be mainly on the cryptocurrency space unlike countries like the USA where start-ups like Chain or Consensys who are more focused on enterprise space.
The home country of Samsung, a mega giant player in technology is South Korea. South Korea is also well advanced in this race towards blockchain realization as not only corporates and investment group are actively participating, but also the developments by startups like Blocko, Coinplug, Streami, Korbit is great.
India is another emerging country which has begun to mark her presence within the blockchain space due to active participation and support from the State Governments.
Projects like AuxLedger that boasts of 53 Million Ids is one of the largest Blockchain project developed in the world shows evidence of India’s arrival in the space. Auxesis Group is working with the government to build the benefits management system for the North Indian State. While in South India, the company is supporting the government to launch its first VISA card powered by Blockchain. Other than that, the company has developed Blockchain product suits like AuxCE, AUXY, AuxPay which are under beta test by different corporations.
The Middle East
In the past few months, we have begun to see the Blockchain wind blowing across countries in the Middle East where Dubai has emerged as the main leader of the pack. While the Middle East doesn’t have its own enterprise houses companies like Consesys, Auxesis Group and many others are supporting the Middle East ambition.
Dubai has recently partnered with Consensys while Ateon in Saudi Arabia has partnered with Auxesis Group and Dutch startup Settlement to support the Blockchain initiatives in the Middle East.
Moving Beyond Politics
While the west wallows in the political implications of the blockchain, and Africa struggles to understand the emerging technology, the signs are there that Asia has left the runway and already flying with the technology.
The year 2017 has seen several developments across the Asian continent regarding the blockchain technology. As the effects of implementation becomes visible, it is likely that we see other parts of the world follow the examples of Asia while the technology finds its way into the mainstream.
Some countries in Africa are already beginning to take advantage of blockchain opportunities, while others are still looking for the best way to apply the technology, especially in areas of regulation. This is an opinion that is upheld by Musa Itopa Jimoh, Deputy Director, Banking & Payment System at the Central Bank of Nigeria CBN.
An Assemblage of Units
Young entrepreneurs in developing countries are also beginning to see the blockchain as an opportunity to breakout of the over-reliance on governments in areas of business development.
A number of these entrepreneurs, especially in Africa are already partnering with established blockchain platforms to drive home their ideas and deliver solutions to their societies.
In the end, just like individual countries within the Asian continent are focusing in different areas of need to implement blockchain technology, thereby establishing the continent as a force within the industry, that is how exactly these small cells in other areas of the world will work independently and achieve communities where the technology would thrive.
Rather than waiting until there is a global acceptance for the disruptive technology, the smaller units within the ecosystem are gradually driving home the adoption process, albeit in a systematic pattern.
About the Author: Pini is a software engineer and front-end team leader for an Israel-based startup. When he’s not coding, this Bitcoin aficionado spends his time researching altcoins, mining Ethereum and blogging about blockchain.