Yeongdeungpo-gu, a South Korean district, plans to integrate Blockchain technology to ease the administration process. The administrative district believes Blockchain technology helps establish transparency, security, reliability, and integrity of the proposal evaluation process.
From the governmental press release, it is clear that they’ll establish ‘Proposal Evaluation System’ built on Blockchain technology to boost efficiency. Adopting Blockchain to perform administrative tasks is a good starting point and the South Korean district stands as an example for other districts. South Korea is keen on Blockchain technology and looking to lead the 4th industrial revolution by becoming a Blockchain heaven. The regulators of South Korea are looking to introduce new Blockchain investment legislation for businesses to enter the Blockchain market.
Nippon Telegraph and Telephone (NTT) Files Blockchain Patent
Japan’s NTT (fourth largest telecom provider) is into Blockchain technology by filing a patent to be used for a contract agreement. This is confirmed by USPTO (United States Trademark and Patent Office).
NTT believes that there’s a problem with the contracts in Blockchain technology that it only stores the sender’s electronic signature and the receiver’s electronic signature is not recorded in the Blockchain. Their patent tells a simple thing in which the ledger should contain all parties’ electronic signature in a single transaction. Maintaining credibility throughout the process is also the main objective as suggested by the patent.
It is estimated that the Blockchain technology in telecommunications is set to reach 1 billion in market value by the year 2023, so the telecom operators are rushing towards adopting the technology.
According to this former Wall Street Exec, Blockchain’s Mass Adoption is 5 to 6 Years Away
Mike Novogratz, a former Wall Street executive has predicted that it’s just 5 to 6 years away until we’re about to witness the mass adoption of Blockchain technology.
There’s no precedent in the finance industry of Blockchain and this is what concerns the majority of the investors and the increasing ‘cost of technical talent’ is also one of the reasons they’re hesitating to adopt Blockchain. The conventional investors also have doubts in their minds and this hinders the growth of Blockchain. Given sometime Blockchain technology will change the face of every industry on the planet.
Here’s how Singapore’s cross-border Blockchain network will help Southeast Asian Nations
Singapore Government owned CrimsonLogic, an e-governance service provider has launched Blockchain powered cross-border network to help trade corridors between China and ASEAN countries such as Indonesia, Thailand, Vietnam, Malaysia, Philippines and a few others. The cross-border Blockchain is dubbed as OTB also called as Open Trade Blockchain to which various operators have signed up to join OTB.
Few companies have also been included in the deal, Singapore’s Commodities Intelligence Centre, TIFFA Group, and Harbor Co. OTB will create trust worthy,transparent trade that happens between China and ASEAN countries.
MasterCard Files another Patent in Blockchain
According to USPTO, MasterCard has filed another patent for payment transactions and consumer protection with Blockchain technology. The patent includes a public Blockchain that links the accounts with fiat currencies and assets in the Blockchain.
The patent describes that the public Blockchain not only secures users’ data but also helps reduce transaction time. Last month, MasterCard has filed a patent that will make Blockchain more secure. Last April, the financial service provider has filed a patent to provide node activation in Blockchain with less time.
Companies and Governments evolve with innovations and Blockchain technology is a pure gem. Seeing the adoption of Blockchain by large corporations, small businesses are also rushing towards it. A Blockchain is more than a cryptocurrency, and anyone who sees the potential in it can transform the world.