Blockchain Triumphs in Switzerland and Hong Kong

While Bitcoin is the primary focus of Blockchain, its influence extends far beyond, garnering attention and adoption from countries like Switzerland and Hong Kong.

Diverse Applications.

Blockchain’s versatility spans various sectors, and its resilient, decentralized nature offers significant advantages, particularly in handling substantial amounts of data during national elections. For instance, the Swiss tax haven of Zug is actively exploring the use of blockchain to log votes. Not only aspiring to become a blockchain hub, Zug is among the first administrations expressing interest in implementing blockchain-based voting.

The town recently concluded its inaugural trial, where citizens cast their votes through smartphones and the community’s new digital ID system on June 25.

«The premiere was a success,» said Zug communications chief Dieter Müller, as reported by Fortune. While the number of participants was not extensive, those involved found the entire process straightforward. A detailed technical analysis of the trial’s outcomes will follow, addressing common concerns associated with electronic voting. Achieving a system that allows auditing while preserving user privacy is seen by some as the Holy Grail for digital voting, with blockchain being considered a potential solution.

Hong Kong Aims for Global Blockchain Prominence.

Hong Kong’s Securities and Futures Commission (SFC), as outlined in their annual report, expressed a keen interest in closely monitoring cryptocurrencies and Initial Coin Offerings (ICOs). Acknowledging the associated risks, the SFC is prepared to intervene if necessary. While implementing clearer regulations against ICOs and local cryptocurrencies, cautioning the public about potential risks, Hong Kong has concurrently been actively supporting financial and cross-border initiatives based on blockchain. This commitment has contributed to the region’s growing reputation as a global blockchain hub.

As an autonomous region of China, Hong Kong operates with a distinct political system that extends to its local economy. Consequently, the city approaches crypto differently from mainland China. Following the Chinese crackdown in September 2017, many crypto-related businesses shifted to Hong Kong. The region has maintained a relatively more favorable stance toward blockchain technology compared to its mainland counterpart.

With nations increasingly embracing the blockchain sector, Pearl Pay aims to harness the power of blockchain as the National Payment Gateway of the Philippines. They aim to achieve this by providing world-class yet affordable financial applications designed to integrate the entire banking and payment sectors in the Philippines.