Blockchain’s claim to fame is Bitcoin. While it may be its best-known application, interest in the technology continues to expand as countries like Switzerland and Hong Kong get on board.
Beyond bitcoin
Blockchain offers a multitude of applications across all industries, and its immutable and decentralized nature that makes it virtually robust presents a great advantage in handling a significant amount 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 doesn’t just want 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’s head of communications 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, since 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 correct answer.
Hong Kong wants to be an international blockchain hub
The Hong Kong Securities and Futures Commission (SFC) said in its annual report that they intend to keep a close eye on cryptocurrencies and Initial Coin Offerings (ICOs). The watchdog also noted that 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 about the potential risks, Hong Kong has also continued to encourage cross-border blockchain-based financial initiatives. In fact, the region has been gaining a reputation as an international blockchain hub.
As a self-governing 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 cryptocurrencies in the same way that China does. Several cryptocurrency-related companies moved to the region after the Chinese crackdown. It was around the same time in September 2017 that Hong Kong expressed its support for blockchain. It has a relatively friendly position towards technology compared to China.
