11 Countries Working With Blockchain Technology
There are several countries that are starting to work with blockchain technology. Some of them are using it in the financial sector while others are trying to improve their bureaucratic systems. Companies are also working with distributed ledger technology (DLT) trying to offer better products and services to users.
In a recent blog post, CryptoDigest shows that there are eight countries working with blockchain technologies trying to improve different industries.
The first country that they mention is Singapore. The countrys central bank could be the first one to offer a national digital currency based on blockchain technology. At the moment, there is a project that is called UBIN which is led by the Monetary Authority of Singapore and that it would use DLT for the clearing and settlement of payments.
The second country that is mentioned in the article is South Korea. Although the country has banned Initial Coin Offerings (ICOs) in the country and imposed some regulations on crypto exchanges, the Bank of Korea is trying to implement a blockchain solution to replicate Interbank payments and settlement.
There is a company called Blocko that is supporting a blockchain initiative called Aergo. The intention is to provide a decentralized solution based on the same technology as Coinstack. The software Coinstack is currently used by the Bank of Korea to test-pilot a system that is able to process micropayments in a more efficient way.
England is the third country that CryptoDigest included in the list. The Bank of England is one of the banks that is analysing the possibility of issuing a Central Bank Digital Currency (CBDC). Back in 2018, the institution released a paper in which they evaluate a Proof-of-Concept (PoC) of a CBDC.
The main intention behind the issuance of a CBDC is to improve the payment system and help fintech firms to process transactions using a blockchain-based network that is fast and easy to use.
Although CryptoDigest did not include Ukraine in their article, this country is also analysing the possibility of issuing a local digital currency. The main goal is to create a digital Hryvnia and allow individuals to use the digital asset to move funds in an easy way.
The UAE is also working in Dubai in order to create a blockchain-based city. The proposal is known as Smart Dubai and they want to help Dubai achieve the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum. His goal is to make Dubai the first city fully powered by Blockchain in 2020.
The National Bank of Kuwait is working with the popular cryptocurrency-based company Ripple. With this partnership, the bank will be connected to several others all over the world, not only in the Middle East and Asia.
Ripple is currently offering different products and services for financial firms and banks to be able to move funds in an easy way between borders. The current systems powered by SWIFT are slow and expensive compared to the new technology created byRead full story on UseTheBitcoin