Although BXB exchange is a cryptocurrency exchange we make sure to keep a very close watch on the overall blockchain landscape as well as globally significant developments. Cryptocurrency exchanges and blockchain are inextricably related mainly for the following reasons (1) Cryptocurrency can only be issued on a blockchain (here's a simple explanation of what blockchain is) (2) The value of blockchain company tokens, or assets, are only tradable into other assets on a cryptocurrency exchange. We wanted to share with you some of the most exciting new developments made in different parts of the worldrecently in the world of blockchain.
The UK is using blockchain technology to track the distribution of meat. The pilot test took place in a cattle slaughterhouse where the distributed ledger tool was used to ensure compliance in the food sector. You can read more about food and blockchain here.
Brazil is using blockchain technology for repairing its capital city’s infrastructure. Due to increased deterioration, São Paulo’s bridges and roads have been closing, despite the city’s increased spending on construction. The Brazilian government believes that blockchain technology will provide an ‘immutable’ record of information, helping authorities identify the root of the problem and allowing the government to find the best way to bring the city’s infrastructure back to life.
UAE - Dubai
Next up, we have the UAE. Blockchain is at the forefront of the future for Dubai, with the goal of becoming the first blockchain powered city by 2020. Smart Dubai has launched over 130 iniatives bringing business and governments together to solve and accelerate smart-city solutions which involve blockchain technology.
Singapore aims to “tokenise” their national currency across various blockchain platforms. This island city-state is trying to create a blockchain-based payment system to streamline currency exchange. This endeavor is know as Project Ubin and involves assorted financial institutions. You can read more about it here.
The government of India’s second largest state, Maharashtra, is implementing blockchain through many different industries. The government has allocated 4 million rupees ($560,000 USD) in blockchain adaptation in the period of 2019-2020. It will be used in vehicle registration, supply chains across a variety of sectors and agricultural marketing. It aims to cut down on labor redundancy as well as drastically lessen the enormous amount of paperwork necessary for day to day municipal functions.
The European Union
The EU is integrating blockchain technology to stop counterfeiters once and for all. Counterfeiting is a major problem in the EU but could be solved by the secure, regulated nature of blockchain platforms.
America is also utilizing the potential of blockchain technology for two new reasons. The FDA seeks to be able to share patient data securely and solve the lack of transparency in health data processing, additionally, the Department of Homeland Security seeks to protect Border Patrol data via the distributed ledger system.
In Uganda, a startup company, MediConnect, is trying to solve a major problem: 10% of medicines are fake. By using blockchain technology, they can confirm the distribution of counterfeit drugs and track the supply chain of a given drug to prevent it reaching users.
Isle of Man
Isle of Man wants to be the blockchain capital of the world so it is attracting businesses through a series of schemes, as well as by providing services to guide businesses through regulatory landscapes. On a more creative note, the island is integrating blockchain to protect the e-gaming sector from fraud.
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