All across the world, governments and private sectors are making bold moves in launching blockchain integrated processes to unlock new capabilities. Despite the challenges, experts opined that substantial and continued investments in this technology are still being made, according to the Cointelegraph. Here’s a global view of blockchain applications in different parts of the globe.
Public bidding on government contracts will be powered by blockchain technology, citing an article published by International Finance. This will help protect the privacy, integrity, and security of the transaction itself as well as the parties concerned.
The southern European archipelago intends to boost its economy by embracing the blockchain technology. It does that through its laws. Cryptocurrency organizations have moved their operations here, as reported by Forbes. The conditions in Malta, after all, are favorable to sustain their growth.
The country aims to combat counterfeit drugs using blockchain technology, citing a report from the Cointelegraph. Through a transparent, blockchain-powered network, the Ugandan government seeks to track the journey of the drug from the manufacturers to the pharmacies until it reaches the patient. It also counts on the technology to help identify counterfeit medicines and stop their distribution.
Blockchain’s supply chain traceability feature is currently being tested for real-life applications in the United Kingdom’s food sector. The technology is used to track and trace the distribution of cattle meat, Yahoo Finance reported.
The technology is used in the United States to improve its recordkeeping system. One example is its blockchain-integrated grant awarding process, as reported by the Federal Computer Week. The centralized grants database created through the process makes the distribution and renewal processes easier than ever.
The island state is exploring the integration of blockchain technology in its payment system, citing an article from the Bloomberg. This move made the Monetary Authority of Singapore, one of the first central banks to produce a tokenized version of its national currency.
All of these examples are commendable efforts to embrace the technology that promises to help create a better world now and in the future. At present, blockchain adoption is limited by regulations and resources. Even so, it is good to know that big and small economies are trying to show the world tangible examples others can emulate. Sooner or later, the rest of the world may experience first-hand how blockchain can effectively drive innovation, improve security, streamline processes, and integrate systems for the better.