Global Government Perspectives on Blockchain Technology

Governments around the world, deal with a lot of data. They need to utilize the records for social benefits, which consumes a lot of time and resources. Here, blockchain can prove to be a transforming technology. It can make a huge difference in such areas. Many nations see blockchain as a technology that every industry should nurture for reasons of competitiveness. It's believed that mature blockchain application development culture is likely going to be an economic asset in the coming days.

Initial skepticism about blockchain adoption now seems to be fading. Now there's a global race where everyone wants to build up blockchain-friendly legal structures, and utilize it at the executive levels of industry and governance.

Blockchain Technology: What Do Different Governments Think About It

China:

China was one of the earliest crypto miners.

However, this saw a few radical changes over the last two years, and today, the exchange and mining of cryptos in China get strongly discouraged.

On the other hand, a government-backed entity called the China Center for Information Industry Development (CCID) is ranking the trending cryptos every month.

It means that China has begun to understand the potential of this transforming technology. China understands that Blockchain is probably going to prevail with us for the foreseeable future. Regardless of China taking actions to discourage the trade in cryptos, it's actively promoting the blockchain solutions services and the development of Blockchain applications, except the unregulated crypto sector.

The China Central Television Network (CCTV) aired an hour-long tv special about Blockchain. The show was quite supportive of the technology.

As per Western sources, the CCTV announced that "the worth of Blockchain is ten times of the internet," and went on to expressing influencing ideas throughout the show.

Last year, CCTV was discouraging nearly everything related to the blockchain.

However, this 180-degree shift in the approach is worth noticing. The change in tone seems to be coming from the Communist power structure, with Chinese President Xi Jinping urging the nation to expedite the development of next-generation technology, blockchain included.

United Kingdom:

UK MP Eddie Hughes requested the government of his nation to form a government-sponsored official committee to oversee blockchain development.

With this, MP Hughes joined the bandwagon of lawmakers around the world that are looking for solutions to expedite the adoption of blockchain technology in his country.

In his remarks, he emphasized why he is supporting blockchain development. He said Blockchain technology is a key to both in maintaining economic competitiveness, and government efficiency.

MP Hughes believes that if implemented, Blockchain technology could save the government approx 1% a year, which is a significant amount of money. In addition to the initial cost-effectiveness of Blockchain, he sees the technology as a unique way for the UK government to bridge a level of trust between the government and its citizens.

Blockchain can efficiently store sensitive data, and let people see it without hampering the value of the information. Enabling citizens to go through government data could bring a new level of public oversight to governance. Not only this, it may allow elected officials to demonstrate the work that they do in cold and hard figures as well.

South Korea:

South Korea has always been open about blockchain technology and welcoming anything related to crypto or blockchain.

Now, they're planning to push blockchain development forward with funding worth more than $200 million. The goal is to aid blockchain platforms that streamline things like voting, logistics, and property rights.

South Korea boasts some of the biggest ports in the world, and they are joining other global logistics hubs to integrate blockchain into the global freight system.

Conclusion:

There are many archaic systems that modern world uses. Such as, the central banking system has been around for decades. The settlement infrastructure to assist international sea-born trades is very old.

Although people may be reluctant to Blockchain, the countries that face up to exponentially developing global environments are moving toward blockchain technology for help.