There are many countries all over the world which are incorporating block chain technology into their systems, in one way or the other. While some are improving their bureaucratic systems with it, others are implementing it in the financial sector. Various companies have also started working with DLT (Distributed Ledger Technology) to improve their products and services.
Talking about the monetary system in particular, it has undergone changes over and over again in the past hundreds of years. Starting with the barter system of the ancient days, to the new-age cashless payment systems, the world has seen all kinds of modifications in the way it deals with money.
Today, block chain technology offers an excellent alternative to the conventional payment system, and is being lapped up by many progressive countries. Right from small nations like Isle of Man to big countries like China, countries are finding new ways and means to make the most of this technology. Let’s acquaint you with some countries which are leading the block chain innovation and implementation.
United Arab Emirates (Dubai)
Dubai has made a name for itself as one of the most technologically advanced and richest countries of the world. After carrying out research on the block chain technology as well as its transactional efficiency for many years now, Dubai is all set to implement it into their cities, to enjoy a more seamless economy. They have set a 2020 deadline for collating all the documentation and government data, so as to convert it into the block chain form.
China
It’s no news that China is engaged in a neck to neck battle against United States for the biggest power of the world. The country is home to thousands of innovative block chain-based start-ups. It’s not just these entities, but the Chinese banking consortiums have also started showing faith in the block chain system. Their government too has shown openness in adopting the artificial intelligence and block chain technologies. Here are some ways in which China is actively implementing blockchain technology in its various systems.
Australia
Countries world over are envious of the way in which Australia has reformed its tax laws with regard to cryptocurrencies and bitcoin in particular. There are no taxes on the trades and transactions done using cryptocurrencies. This has proven to be very advantageous for the day traders as they don’t need to pay any taxes for such trades.
In a way, any Australian citizen who purchases anything with cryptocurrency, doesn’t need to pay any taxes on the concerned good/service. In fact, the ASX (Australian Securities Exchange) made an announcement that they will fully adopt the block chain technology soon.
United Kingdom
UK has been implementing the block chain technology in several different ways. Home to the second highest number of start-ups in this domain, block chain technology is being explored to improve financial services and issues related to identity theft in the country. The Food Standards Agency (FSA) of UK has already implemented block chain technology for regulating the meat-related data in the slaughter houses. Apart from that, the UK government is already in the process of implementing block chain in its healthcare and voting systems.
