Blockchain Wins Big in Switzerland and Hong Kong

Blockchain's claim to fame is Bitcoin. While it's going to be its most well-known application, the interest over the technology continues to expand as countries like Switzerland and Hong Kong are becoming on board.

Beyond Bitcoin

Blockchain offers a mess of applications across industries, and its immutable and decentralized nature that make it virtually robust poses great advantage in handling a big amount of knowledge during nationwide elections. In fact, Swiss country of Zug is currently performing on using blockchain to log votes. The Zug municipality isn't just keen to become a blockchain capital; it's also among the primary administrations to precise interest to inaugurate blockchain-based voting.

The municipality completed its first trial, which involved people voting via their smartphones and therefore the town's new electronic ID system. The trial was completed last June 25.

"The premiere was a hit ," Fortune quoted Zug communications chief Dieter Müller told Swiss press agency . there have been not as many participants but those that took part found the whole process easy. Technical analysis of how the trial went will come next as this is often the foremost common issue with electronic voting. The grail for electronic voting are going to be a system to permit auditing but will still preserve the anonymity of people . Some believe that blockchain might just be the proper answer.

Hong Kong wants to be international blockchain hub

Hong Kong's Securities and Futures Commission (SFC) said in their annual report that they shall watch cryptocurrencies and Initial Coin Offerings (ICO) closely. The watchdog also noted that the new technology brings in risks in order that they decide to intervene if necessary. While the SFC has taken steps to make more defined policies against ICOs and native cryptos - warning people about the possible risks - Hong Kong has also continued on nurturing financial, cross-border initiatives supported blockchain. In fact, the region has been steadily gaining reputation as a world blockchain hub.

As an autonomous territory of China, Hong Kong operates with a separate form of government that also extends to its local economy. this suggests the town doesn't approach crypto within the same way that China does. Several crypto-related businesses moved to the region after the Chinese crackdown. it had been round the same time in September 2017 that Hong Kong expressed support for blockchain. it's a comparatively friendlier position towards the technology in comparison to China.