Blockchain’s claim of 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 are joining.
Beyond Bitcoin
Blockchain offers a multitude of applications in 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 record votes. The municipality of Zug is not only interested in becoming a blockchain capital; It is also among the first administrations to express interest in ushering in blockchain-based voting.
The municipality completed its first test, which involved people voting via their smartphones and the city’s new electronic identification system. The trial ended on June 25.
“The premiere was a success,” Zug communications chief Dieter Müller quoted Fortune as saying to the Swiss News Agency. There weren’t that many participants, but those who participated found the whole process easy. This is followed by a technical analysis of how the test went, as this is the most common problem with electronic voting. The Holy Grail for electronic voting will be a system that will allow auditing but still preserve the anonymity of individuals. 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 their annual report that they intend to keep a close eye on cryptocurrencies and Initial Coin Offerings (ICOs). The watchdog also noted that the new technology carries risks, so they plan to intervene if necessary. While the SFC has taken steps to create more defined policies against local ICOs and cryptocurrencies, warning people of potential risks, Hong Kong has also continued to encourage blockchain-based cross-border financial initiatives. In fact, the region has been steadily 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 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 more tech-friendly position compared to China.