The Race to Become the Blockchain Capital of Countries

Although the
blockchain
technology, which was founded by Satoshi Nakamoto, did not attract much global attention at the beginning, it proved itself over time and became the agenda of countries with revolutionary use cases. The efficiency of crypto coins has been proven by ensuring the functioning of their decentralized structures without the need for institutions and organizations. Then, the usability of blockchain technology not only to facilitate crypto money transactions, but also to transfer all kinds of data began to attract more attention. The spread of blockchain-based technologies has caused a great race by triggering countries that do not want to fall behind the digital transformation. Today, we see that many countries aim to be pioneers in this race. 

First, banks and financial institutions discovered possible advantages. As a result of research conducted by Accenture Mobility, 90% of the executives within the scope of the research reported that they are actively trying to find out how they can evaluate the use cases of blockchain technology.  Although cryptocurrencies should not be under the control of any country due to their decentralized nature , projects by governments in this area may erode the original principle.

You May Be Interested: Countries That Receive Payments with Bitcoin 

US

America, which has always been a pioneer when it comes to technology and innovations, has been one of the countries participating in the race in blockchain technology. The 4th edition was held on 6 March. According to a statement made by a senior government official at the Blockchain summit, global approaches are being followed as a priority. The technologically superior country has also recently provided a record amount of funding to blockchain technology. With blockchain technology-based projects in various fields such as defense systems and supply chain, it has clearly stated its place in the race.

China

China, which is at the center of the global epidemic, has made great strides in fending off the epidemic by using technology in the most efficient way even under extraordinary conditions. In this direction, the active use of blockchain technology, even the blockchain investments made outside the epidemic were also remarkable. For example, the Chinese Government has funded the blockchain-based trading platform with $4.7 million. The fact that the use of digital currencies in shopping on Wechat in all areas of the country has shown great progress is an indication that blockchain-based financial revolutions are also very warmly received. In summary, it is possible to say that China has a very influential position in the race to become the blockchain capital.

Africa

In the case of Africa, it is quite difficult to talk about a single country, because it has a desire to achieve continental supremacy in blockchain technology in general. Considering the main reasons for this, the large population and the rapid increase create the need for alternative financial orientations. Most of the population does not have access to bank internet, but due to the large population, the potential is considerable. The increase in potentials also triggers innovative projects in the field of blockchain. For example, there are projects in various fields such as blockchain-based start-ups and taboo businesses on the continent. 

Malta

 Malta has always been a forward-thinking industrial country. Malta, which also dominates the software world,  is not lagging behind in blockchain technology due to its financial development and is included in the race. Malta follows a policy of creating a superior blockchain industry in the development of its economy. As a result of the coercive regulations set to obtain a business license in the country, 70% of the  enterprises had difficulty in meeting these standards and turned to possible alternatives.

Israel

Israel, which has a highly innovative and regulatory ground, is one of the leading countries with its projects and innovations in the race to become the blockchain capital. It is known that many blockchain and cryptocurrency businesses have started to operate in Israel. These organizations include cybersecurity professionals, diamond and jewelry traders. To replicate examples, there are innovations in purchasing products online and regulating physical warehouses that use blockchain technology to process shipping agreements and documents.

In addition, it is thought that the Israeli government will launch its own crypto money to become the blockchain capital and to create an alternative to crypto coins with the negotiations it has provided with the national bank.