Blockchain is based on a decentralized and immutable distributed accounting platform. It is intended to be a permanent and tamper-proof record outside the control of a central government authority and this is what makes it a very interesting and useful technology.
However, space faces many challenges, including trust between users and interoperability between blockchain networks. Governments should collaborate and work with society, the private sector and the academic world to overcome the current regulatory challenges for the joint development of policies at the pace of technology. We have to ask ourselves why regulators are always playing with real-world technology.
Today we live in a digital revolution, comparable to that created by the Internet in the years & # 90; Recently, JPMorgan CIO Lori Beer said: "In a few years, Blockchain will replace the existing technology, today it only coexists with the current one."
A large majority of organizations have some involvement with the blockchain technology. This indicates that blockchain technologies are destroying many established industries around the world, changing the rules by making processes transparent and significantly reducing costs. This goes from financial services with Bankor or Omisego to the dissemination of science with Orvium for example. Alongside this, technology is already helping people all over the world (ie, Venezuela or Iran) living very difficult lives because of the financial situation in their countries.
United States, China and Australia are all seen as blockchain leaders. They are closely followed by other jurisdictions such as Japan, Korea, Malta, Gibraltar and Lichtenstein.
Other countries are also active. The Japanese Ministry of Economy recently announced a blockchain-based data sharing platform for the commercial industry promoted by NEDO, the country's largest public management organization.
South Korea is promoting the promotion and expansion of the use of blockchain in many ways, the government is sponsoring awareness programs, the Korean Internet and Security Agency has promoted hackathons and above all, blockchain has been targeted as the key sector of the $ 2019 million national investment plans of the country.
Malta recently approved a regulatory framework favorable to blockchain for DLT, ICO, cryptographic assets, etc. The blockchain platform of the Gibraltar Stock Exchange, GBX, has recently been opened to public commerce and also supports ICO projects. Finally, a Liechtenstein bank, Union Bank AG, is issuing its own security tokens and internal cryptocurrency supported by the currency, as the country announced blockchain support with new regulations in March.