Sunday 14 July 2019

Why Taiwan is a promising Blockchain leader



Blockchain technology has been around for quite a while now. It is only now that the technology is starting to take a firm hold. By 2021, the blockchain market will approximately be worth $2.3 trillion. Many governments are now starting to realize the value of the technology and some are adopting the technology for a variety of tasks including health care, voting and land administration services.
A legislator in Taiwan, Jason Hsu intends to find ways to integrate the blockchain technology on a grand scale and steer his country towards the adoption of blockchain for uses other than cryptocurrencies. Hsu has been lauded as the “crypto congressman” by Vitalik Buterin from Ethereum. He is a tech entrepreneur who successfully ran for Congress and now wants to turn Taiwan into a haven for innovators working on different application technologies.

Change of legislation

In September 2017 when China slapped a ban on ICOs, Hsu saw this as an opportunity to propose some changes to legislation that would help Taiwan capitalise on China’s move. His intention was to introduce more friendly laws that would not only nurture the blockchain technology but entice more startups to set up base in the Island nation.
As Hsu reflects the today, a number of technological disruptions are making an impact on how our lives manifest. The country ought to recognize this fact and update its policies to incorporate new ideas into the current system.
Subsequently Jason helped to launch the regulatory sandbox in the finance department to explore future opportunities for financial technology start-ups. The sandbox also helps to ensure that start-ups are able to create workable solutions and technologies that are usable by all and sundry.

Sandbox

Hsu believes that today’s environment is moving very fast and sandboxes in such areas as a medical technology are vital in order to test new devices that can incorporate digital health. In Dec 2017, parliament passed into law Taiwan’s regulatory sandbox, which allowed certain selections of startups to unveil new products or services while enjoying immunity from the existing laws.
The Taiwan Financial Technology Experimentation and Innovation Act (Regulatory Sandbox Bill) is supposed to help bridge the fintech gap in Taiwan. Hsu was a major player in the drafting of the bill as well as the entire legislative process. The sandbox was unveiled to create opportunities for upcoming fintechs on the island and help build innovations that would create solutions globally.
Applications
Jason Hsu, the congressman who is turning dreams into reality is also exploring different initiatives along with a few other industry enthusiasts and these include:
        Digital content proof of ownership
        Decentralized internet for every citizen
        prediction platform for  politics, or share markets and many more

Parliamentary support

Taiwan is modeled in such a way that the Executive Yuan can propose their own legislation.  Legislators are also allowed to propose and draft laws and the norm is the different versions can be debated on. The Executive branch is still very conservative, but they do share a common goal with the legislature, it is the pace in which the two are moving at that is different.
Hsu intends to create opportunities for the youth, and he is not worried much about convincing his parliamentary colleagues but makes it a point that start-ups do support his proposals. Support from the startup puts a lot of pressure on officials and congressional representatives to give a response.
The Financial Supervisory Committee and the Ministry of Finance are well on the way towards passing cryptocurrency and blockchain legislation. They have formed a parliamentary level commission for blockchain that is working towards building the necessary framework.

Skepticism over Blockchain

Hsu says that people will always be skeptical about any new innovation. When the internet was new, people said it was a scam but today many acknowledge its utility. As a legislator, Hsu’s intention is to create a fair environment that cultivates innovation while safeguarding consumer rights.

Development and adoption of blockchain

Many countries are still struggling to understand the blockchain technology as well as how to develop and implement it. In Taiwan’s case however, the country has been a computer and electronics integrator since the 1970s and is endowed with a pool of talented and experienced engineers. With this in mind, Hsu has set out to build up Taiwan as a blockchain haven where innovators can pioneer new projects that will churn out applications for blockchain.

Blockchain implementation

Blockchain has been underrated for as long as it has been around. As with any new technology, once a useful application comes up, people start to take notice. Blockchain gave birth to Bitcoin, but now the technology is growing and integrating other applications.
Hsu has plans to ensure the government recognizes and uses blockchain on a larger scale. It has already moved to the Departments of Justice, Education, and Health onto the blockchain. The average person needs to recognize the improvement of life is via blockchain’s efficiency. As part of his many objectives, Hsu has introduced 25 pilot projects in various departments to look into the potential use of Blockchain in areas such as court records, supply chain, and drug tests.

Blockchain’s future

Blockchain is not going anywhere. The world’s governments are slowly accepting the technology and in no time, these hurdles and scaling issues will be a thing of the past. Jason also believes that Cryptocurrencies and fiat currencies can co-exist. Cryptocurrencies are a financial alternative that can create solutions for poor countries like Zimbabwe and Venezuela.
Taiwan is a haven for technological start-ups that focus on blockchain, IoT and AI. An escalation in the creation of major start-ups and incubators are thrusting Taiwan into the blockchain limelight. Taiwan Tech Arena is one such startup incubator that will initiate at least 100 start-ups every year, and accelerate the expansion overseas of 300 more in a span of the next three years.

Conclusion

The only way to grow blockchain technology lies in its demystification. This can only be done by changing blockchain’s narrative from the complex tech talk to a language understandable and that an average person can relate to. This means showing people what the blockchain technology can really do, the real-life problems it can solve as well as laying out its many advantages.
A lot is happening behind the scenes, not just in Taiwan, but globally as the race to integrate blockchain with everyday life gathers momentum. It is only when people realize the real benefits of the technology and how they stand to benefit will a greater adoption of the technology be realized.

No comments:

Post a Comment