Blockchain technology is revolutionizing many industries. With that being said, not every country thinks that it is conducive to adopt blockchain technology. However, there are some countries which are racing far ahead of others when it comes to adopting blockchain technology. We will today highlight some such countries.
Which countries are adopting blockchain technology at the fastest?
Malta might be a small island nation. However, when it comes to the blockchain, it is adopting blockchain technology at a pretty rapid pace. It has been successful in attracting exchanges like Binance. That is why many of the ICOs are being registered in Malta. Malta believes that it can rejuvenate its economy by making it easier for companies using blockchain technology to register in their jurisdiction.
UAE is at the forefront of the technological revolution. Same is the case with blockchain technology. In April 2018, the government launched the Dubai Blockchain Strategy. Dubai is also planning to become the 1st blockchain powered government in the world. If it continues to progress at this pace, it surely will be able to achieve that goal.
3. South Korea:
South Korea arguably has the largest density of cryptocurrency investors. Therefore, it does not come as a surprise that the adoption of blockchain technology in South Korea is also far ahead of the other countries. South Korea might be cracking down on ICOs, but when it comes to transparent blockchain technology, it surely is planning to embrace it with full enthusiasm. According to some of the recent announcements by governments, there is a separate budget of 5 trillion Won for newer technologies like blockchain. It indicates that it wants to be at the forefront of the blockchain revolution.
Singapore is making itself friendly for not just cryptocurrencies but also for using blockchain technology. Many of the cryptocurrency related companies are registered in Singapore for the same reason. Singapore government is also using the Ethereum blockchain to transform the bureaucracy and to provide a boost to the economy.
Most of the countries adopting the blockchain technology are situated in the Far East. Canada is one of the countries in the North American continent which is adopting blockchain technology. It is attempting to make its legal system much more transparent and create a financial services industry based on blockchain technology. The start-up community in Canada is also huge which is further giving impetus to the adoption of blockchain technology in Canada.
So, while some countries might be banning ICOs and enacting rules and regulations which are not practical, there are some others which are far ahead when it comes to the adoption of blockchain technology.