Bitcoin claims the reputation of the blockchain. While this may be its most well-known application, interest in the technology continues to grow as countries like Switzerland and Hong Kong come on board.
Blockchain offers a wide range of applications across different industries and its unchanging and decentralized nature which makes it virtually powerful makes it a great facility to handle significant amounts of data during nationwide elections. In fact, the Swiss tax haven of Jug is currently working to use blockchain to log votes. The municipality of Jug is not only interested in becoming a blockchain capital; It is also one of the first administrations to show interest in blockchain-based voting.
The municipality completed its first trial, allowing people to vote through their smartphones and the city’s new electronic ID system. The trial ended on June 25.
“The premiere was a success,” Dieter Moeller, head of Futun Jag Communications, told the Swiss news agency. The number of participants was not high but those who took part found the whole process easy. As this is the most common problem with electronic voting, a technical analysis of how the trial is going to be conducted will allow the Holy Grill to be monitored for electronic voting, but the names of individuals have not yet been released. Some believe that blockchain may just be the right answer.
Hong Kong wants to be an international blockchain hub
Hong Kong’s Securities and Futures Commission (SFC) said in its annual report that it intends to take a closer look at cryptocurrencies and initial coin offerings (ICOs). Watchdog further noted that the new technology has taken risks so they plan to intervene if necessary. SCFC has taken steps to create more defined policies against ICOs and local cryptos – warning people about potential risks – and Hong Kong continues to nurture blockchain-based financial, cross-border initiatives. In fact, the region is steadily gaining a reputation as an international blockchain hub.
As an autonomous region of China, Hong Kong operates with a separate political system that also extends to its local economy. This means that the city does not come to crypto in the same way as China. Several crypto-related businesses have moved to the region since the Chinese crackdown in September 2013, almost at the same time as support for the Hong Kong blockchain. Compared to China, it has a relatively friendly position towards technology.