Some countries in the world are hesitant when it comes to adopting blockchain technology, while others however are eager to implement it as much as possible. Let’s take a look at three countries leading the pack when it comes to blockchain adoption.
United Arab Emirates
Dubai has a track record of being one of the smartest and most ambitious cities in the world. Blockchain is a huge part of their vision. Dubai currently has more than 100 initiatives for its smart city solutions, and they also have the goal of becoming the first blockchain-powered city. Dubai has estimated that if they do embrace blockchain then they could save over 114 tons of CO2 from going into the environment and that this could also give them back 25.2 million people-hours in terms of economic productivity. The city has gone on to develop a guide to blockchain implementation and they are also connecting with innovators and influencers, to further their mission of becoming a leader in blockchain adaptation.
Estonia was the first nation in the world to implement blockchain fully when they rebuilt their digital infrastructure in 2007 following Russian cyberattacks. The country has continued to explore their options and they also have at least three blockchain energy vendors. In 2018 they partnered with WePower, an energy blockchain vendor and this helped to tokenize the entire grid system.
India has recently started to adopt blockchain on a much bigger scale. If you look at Telangana, you will see that the state government have announced a policy package. This gives blockchain vendors a 25% subsidy on things such as lease rentals. They have also given 50% subsidiary exhibitions and reimbursements for travel and local taxes. Competitive seed grants have also been explored and Telangana have the vision of having a full blockchain district. This will centralize any blockchain business and talent within Hyderabad.
The Value of Countries Adopting Blockchain
While some wealth that comes from the blockchain does stem from digital currencies, some argue that the true value of blockchain comes from its services and applications. These can stem from helping businesses to streamline their process, and this is especially the case when you look at regulatory compliance, settlement, and billing.
The Global Blockchain Landscape
These top countries listed above are trying to bet on the success that stems from initiatives like this, and if the blockchain adaptation keeps going like it is, then the global blockchain landscape could well be reshaped. Talent could be drawn away from Switzerland and Germany, who are leaders in the development of blockchain. Germany for example has passed legislation which makes cryptocurrency an investable asset and they have also taken steps to emphasize the morality regarding the topic. Switzerland is known as being the home of the Ethereum network too, with a strong potential for growth. That being said, it is India, Estonia and the United Arab Emirates that look to be making the biggest and boldest changes right now and they are steaming ahead of the competition.