Blockchain’s state they fame is Bitcoin. While it could be its most well-known application, the interest rate over the technology is constantly on the expand as countries like Switzerland and Hong Kong are obtaining on board.
Blockchain gives a multitude of applications across industries, and its particular immutable and decentralized nature making it virtually robust poses advantage in getting through a significant amount of information during nationwide elections. In fact, the Swiss tax haven of Zug happens to be working on using blockchain to log votes. The Zug municipality isn’t just keen to be a blockchain capital; it is usually among the first administrations to convey interest to usher in blockchain-based voting.
The municipality completed its first trial, which involved people voting via their smartphones plus the town’s new electronic ID system. The trial was completed last June 25.
“The premiere would be a success,” Fortune quoted Zug communications chief Dieter Müller told the Swiss News Agency. There were much less many participants but individuals who took part found your entire process easy. Technical analysis of how the trial went can come next because the most common problem with electronic voting. The Holy Grail for electronic voting has to be system allowing auditing and can still preserve the anonymity of folks. Some believe blockchain could be the right answer.
Hong Kong desires to be international blockchain hub
Hong Kong’s Securities and Futures Commission (SFC) said into their annual report that they prefer to watch cryptocurrencies and Initial Coin Offerings (ICO) closely. The watchdog also noted how the new technology produces risks to make sure they plan to intervene when necessary. While the SFC has steps to produce more defined policies against ICOs and local cryptos – warning people concerning the possible risks – Hong Kong has continued on nurturing financial, cross-border initiatives dependant on blockchain. In fact, areas has been steadily gaining reputation just as one international blockchain hub.
As an autonomous territory of China, Hong Kong operates that has a separate political system which extends to its local economy. This means metropolis does not approach crypto in a similar manner that China does. Several crypto-related businesses moved to the location after the Chinese crackdown. It was round the same in time September 2017 that Hong Kong expressed support for blockchain. It has a relatively friendlier position on the technology in comparison to China.