2019: A Prominent Year For Nations Embracing Blockchain Technology
Amongst one of the most talked-about digital technologies, blockchain fever is grasping the world like never before. Blockchain technology is embracing business sectors across the industry with its immutability and rock-solid safety features.
The essential decentralized characteristic of the blockchain is gaining favor among a host of stakeholders from all the sectors. Everybody accepts the utility of blockchain.
Uses of Blockchain Technology
Blockchain technology is not only for commercial purposes, but it is also extensively used in many governmental and public welfare schemes. Schemes related to administration, keeping track of court cases, providing better medical services, and improving the overall operating efficiency of the system are frequently employing the blockchain technology.
This explains the comprehensive adoption of blockchain technology spread equitably among private and public participants globally.
Some countries took the lead in the approval of blockchain technology. Notable among these nations include Switzerland, Estonia, Japan, and Malta. Some other countries, like Germany, Sweden, and France, picked up the speed only in 2019 when it comes to blockchain adoption.
The whole of Europe has observed an open and all-embracing approach towards blockchain technology in 2019, with governments recognizing the game-changing potential of this open distributed technology.
Some of the economic superpowers like China, US, UK, India, etc., have ramped their efforts as these nations try to link blockchain in a whole lot of their operations. Precisely, the significant change we have witnessed in 2019 is the regulations embraced by many countries regarding the use of blockchain for different projects and operational procedures.
The regulatory efforts of the European Commission provide a clear and transparent idea about applications of blockchain in different scenarios.
It’s not that all regulations are favorable for the adoption of blockchain. Still, at least these regulations provide a clear picture of the application and usage of the open ledger technology.
It is essential to note that different regulatory bodies have a distinct viewpoint about blockchain and tokens, which indicates there are variations in operations when it comes to the various applications of blockchain technology.
In the commercial space, we have seen the growth of blockchain excessively. Several projects related to blockchain have come out from their preliminary regime and began yielding real-world gains for organizations.
The application of Ethereum has gathered the pace and its advantage in understanding the decentralized financial movement is applauded by all stakeholders involved in the process.
Along with technology, platforms providing smart contracts are also evolving in their approach and product innovations. Sylo, for example, has made enormous gains and is today referred to as the popular dApp with an excellent growth rate.
One of the well recognized Indian conglomerates, Mahindra, has commenced the use of blockchain in their Agricultural export business. The well-knows automaker Audi is making development with the combination of blockchain in its financial and supply-chain operations.
Blockchain has further extended its operational domain in the financial sector, with nearly all major banks and commercial organizations utilizing the open ledger in one or another form.
Blockchain & Technology Giants
Technology giants like Facebook, Microsoft, WhatsApp, Google, IBM, etc., have created their blockchain competence and developed new applications for integrating open ledger into their system.
We have witnessed efforts directed at utilizing blockchain technology to get rid of the space debris due to the alarm raised about declining space conditions by many environmental agencies and activists.
Blockchain Technology in the Gaming Industry
Especially in the gaming industry, the application of blockchain deserves exceptional attention. ‘Gods Unchained,’ a game by ‘Immutable’ based on blockchain, has raised $15 million by trading their one card for 146 ETH previously this year.
We have also witnessed the release of ‘Enjin’s’ software development kit (SDK) for the principal game engine in the world, the Unity. This symbolizes that we are going toward the era of recognizing full blockchain potential in the gaming industry.
The blockchain technology has expanded its wings above and beyond its conventional application areas this year. 2019 has given stimulus to the adoption of blockchain, and the technology continues to get appreciation from most governmental and commercial organizations.
The coming year is anticipated to show the results along the same lines, with experts foretelling the higher rate of blockchain utilization in the year 2020.