Blockchain’s claim to fame is Bitcoin. While it may be its best-known app, interest in the technology continues to expand as countries like Switzerland and Hong Kong come on board.
Beyond Bitcoin
Blockchain offers a multitude of applications across industries, and its immutable and decentralized nature making it virtually robust presents a huge advantage in handling significant amounts of data during national elections. In fact, the Swiss tax haven of Zug is currently working on using blockchain to register votes. The municipality of Zug not only wants to become a blockchain capital; it is also among the first administrations to express interest in ushering in blockchain-based voting.
The municipality completed its first trial, in which people voted using their smartphones and the city’s new electronic ID system. The trial concluded on June 25.
“The premiere was a success,” Zug communications chief Dieter Müller told the Swiss News Agency. There weren’t that many participants, but those who participated found the whole process easy. The technical analysis of how the trial went will come next, as this is the most common problem with electronic voting. The Holy Grail for electronic voting will be a system that allows auditing but still preserves people’s anonymity. Some believe that blockchain could be the right answer.
Hong Kong wants to be an international blockchain hub
The Hong Kong Securities and Futures Commission (SFC) said in their annual report that they intend to keep a close eye on cryptocurrencies and Initial Coin Offerings (ICOs). The watchdog also noted that the new technology carries risks, so they plan to intervene if necessary. While the SFC has taken steps to create stronger policies against ICOs and local cryptocurrencies, warning people of the potential risks, Hong Kong has also continued to encourage blockchain-based cross-border financial initiatives. In fact, the region has been gaining a reputation as an international blockchain hub.
As an autonomous territory of China, Hong Kong operates with a separate political system that also extends to its local economy. This means that the city does not approach crypto in the same way that China does. Several crypto-related companies moved to the region after the Chinese crackdown. It was around the same time in September 2017 that Hong Kong expressed support for blockchain. It has a relatively friendly position towards technology compared to China.