Cryptocurrencies first made the scene about ten years ago, and it has been an interesting journey to what they are today.

Of course, bitcoin is considered the mother of all cryptocurrencies, and for many reasons than one. However, bitcoin itself would not have existed if not for the blockchain technology on which it is built and developed.

Putting things in context, blockchain would exist if bitcoin were to fade today, but bitcoin would not exist anymore if anything were to happen to the blockchain.

How Taiwan Is Embracing Blockchain,

Taiwan is one of the nations in the world where blockchain technology is increasingly being smiled upon. That is not an overnight change in the government, taking the efforts of strong voices within the government to make such moves happen.

Speaking of strong voices, the front man for this movement has to be Congressman Jason Hsu who has pushed forth the adoption of blockchain in different parts of the economy.

Besides that, he has also created a platform that allows start-ups to see the viability of the Taiwanese region as a suitable place to establish their trade while developing numerous applications for the blockchain concept.

Looking back at the banning of ICOs in China, this will help to spur the growth of the Taiwanese economy in its shift towards blockchain technology and its adoption.

How Can Blockchain Be Used?

For now, the most widespread use of blockchain is in the financial sector. That is supported by the influence of bitcoin and other altcoins on the market.

Instead of going the way of fantasy and listing what we applications we believe blockchain could hold in the future, how about we check out the ones right in front of us?

• Supply chain – The supply chain logistics can get complex if not properly managed. Keeping track of the status of all the products and raw materials in the chain can be overwhelming, but not if it is in the same place. With the blockchain technology, transparency is guaranteed on every process involved in supply chain management. Beyond that, there is also the convenience of locating just about any product at all at any stage of the supply chain.
• Insurance – Verifying insurance claims in real time, handling complaints and making important calls on the spot are almost impossible with the current insurance model. There is just too much formality and bureaucracy to go through before anything gets done.
  Fortunately, all the blockchain network needs are smart contracts with which to instantly verify all claims and issues, and they get resolved with accelerated effect.
• Healthcare – The healthcare industry is one that is usually subject to a lot of data breaches and attacks. Besides that, there is almost no system for a patient to share their medical records with doctors they trust – or research institutions they deem fit.
  Fortunately, blockchain helps save time and resources by not only creating secure storage for these files but allowing for faster sharing of such data. More than anything else, this move gives the patient better control over their own medical records than before.
• Financial – We have mentioned this before, but we cannot but mention it again. As advanced as the world is, handling payments can sometimes be a hassle. Sending money abroad, for example, will start with the search for a suitable service which serves both the source and target countries. Then, issues of exchange rates, fees and other logistics come into the process.

That, and we have not mentioned the tendency for such payments to take a while before reflecting in the target account. Blockchain technology works itself around this problem seamlessly. No matter where the users are in the world, all the sender needs is the receiver’s wallet address – and everything is set to go. To better the deal, transfers are confirmed almost instantly, saving more time and resources in the process

• Real Estate – Some blockchain applications for real estate are dedicated to allowing anyone from any part of the world invest in properties elsewhere. Other applications are working towards connecting sellers and agents who would accept a lower commission for their services. In other cases, we are looking at applications where property information can be recorded for proper identification of ownership.

In short, the possibilities are endless. If there is an industry you can think of, there is a high chance blockchain will/ has found an application there.

It is, thus, not a matter of if blockchain will make it into many other industries in different countries of the world, but when it will become a mainstream feature for numerous economies.

Wrap Up

Taiwan is one of the countries leading the charge towards a digitized future of better transparency, time-saving and cost-efficient operation, all of which are things blockchain presents. Already shaping up to become the technology of the future, it wouldn’t be shocking to see Taiwan become a bigger technology base than it ever was.

 

 

Article courtesy of expressvpn.com in conjunction with techwarn.com