Blockchain’s claim to fame is Bitcoin. Although this may be the most famous application, interest in the technology continues to grow as countries such as Switzerland and Hong Kong board.
Blockchain offers many applications in different industries, and its unchanging and decentralized nature, which makes it practically stable, is a great advantage in processing a significant amount of data during national elections. In fact, Zug’s Swiss tax haven is currently working on using a blockchain to register votes. Zug Municipality not only wants to become a blockchain capital; it is also among the first administrations to express interest in introducing blockchain-based voting.
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The municipality has completed its first process, which involved people voting with their smartphones and the city’s new electronic identity system. The trial ended last June 25th.
“The premiere was a success,” Zug’s communications chief Dieter Müller told Fortune to the Swiss agency. There weren’t that many participants, but those who participated found the whole process easy. The technical analysis of the process will come after that, as this is the most common problem in electronic voting. The Holy Grail of electronic voting will be a system that allows auditing, but will still preserve people’s anonymity. Some believe that the blockchain may be just the right answer.
Hong Kong wants to be an international blockchain center
The Hong Kong Securities and Futures Commission (SFC) said in its annual report that it intends to closely monitor cryptocurrencies and initial coin offerings (ICOs). The security guard also noted that the new technology carries risks, so they plan to intervene if necessary. Although the SFC has taken steps to create more defined policies against ICOs and local cryptographies – warning people of possible risks – Hong Kong has also continued to develop financial, cross-border blockchain-based initiatives. In fact, the region is constantly gaining a reputation as an international blockchain center.
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As an autonomous territory of China, Hong Kong operates a separate political system that extends to the local economy. This means that the city does not approach crypto in the same way as China. Several crypto-related businesses have moved to the region following the crackdown in China. At about the same time in September 2017, Hong Kong expressed support for the blockchain. It has a relatively more technology-friendly stance than China.