Blockchain’s claim to fame is Bitcoin. While this is perhaps the most well-known application, interest in the technology continues to spread as countries like Switzerland and Hong Kong get involved.
Outside of Bitcoin
Blockchain offers a multitude of applications in a variety of industries, and its unchanging and decentralized nature, which makes it almost robust, represents a major advantage in handling a significant amount of data during elections across the country. In fact, Swiss tax haven Zug is currently working on using a blockchain to record votes. The municipality of Zug doesn’t just want to become the blockchain capital; it is also among the first administrations to express interest in launching a blockchain-based vote.
The municipality has completed its first trial, which included people who voted via their smartphones and the city’s new electronic ID system. The trial ended on June 25.
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“The premiere was a success,” communications chief Zug Dieter Müller, a Swiss news agency, was quoted as saying by Fortune. There were not that many participants, but for those who participated the whole process was easy. The next will be a technical analysis of how the trial went because this is the most common issue in electronic voting. The Holy Grail of electronic voting will be a system that allows for revision, but will still preserve the anonymity of individuals. Some believe that blockchain may be just the right answer.
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Hong Kong wants to be the international hub of the blockchain
The Hong Kong Securities and Futures Commission (SFC) said in its annual report that they intend to closely monitor cryptocurrencies and initial coin offerings (ICOs). The oversight team also noted that the new technology carries risks so they plan to intervene if necessary. Although the SFC has taken steps to create a more defined policy against ICOs and local crypto-accounts – warning people of possible risks – Hong Kong has also continued to foster financial, cross-border blockchain-based initiatives. In fact, the region is constantly 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 access crypto-technology in the same way as China. Several crypto-connected companies moved to the region after the Chinese action. At about the same time in September 2017, Hong Kong expressed support for the blockchain. It has a relatively friendlier attitude towards technology compared to China.