In today’s times, the cryptocurrency and blockchain market around the world is gaining the interest of retailers and online remittance sectors. According to studies, the majority of the well-developed and developing countries around the world are dominating the crypto and blockchain industries. The digital sector is rapidly growing with emerging trends worldwide. Several reports suggest that by 2030, the global GDP may rise up to two trillion dollars only by utilizing blockchain technology.
Countries like Japan, and China are topping the list by accepting the new currency and implementing the technology. Despite several infrastructure problems, several African countries are topping the list of blockchain adoption around the world. Several Asian countries are in the race, and many are among the top twenty countries dominating the blockchain industry. Several universities and institutions have introduced blockchain courses to educate the younger generation and prepare them for tomorrow.
Countries Leading in Blockchain Industry Worldwide
Here is a list of the top 10 countries that are leading the blockchain industry.
Japan is one of the early adopters of blockchain technology. It has been the center of cryptocurrencies for several years. Japanese were the earliest to start mining, even when the value of cryptocurrencies was minimal to nothing.
In 2017, the government of the country passed a bill to make bitcoin the legal tender. It is also the only country worldwide to introduce a legitimate cryptocurrency regulation framework.
In 2021, the market of blockchain-based services was estimated to be 78.3 billion Japanese Yen. The experts estimated a quick growth of the technology and estimated the amount to reach 724.8 billion Yen by 2025.
The Japanese Financial Services Agency (FSA) indicates that around 3.5 million people in Japan accept cryptocurrencies as actual financial assets and exchange cryptocurrencies.
The joint initiative of the tech enthusiasts, along with the Japanese government drives the implementation of blockchain technology in the desire to lead the world in technological advancements.
Even though China has imposed restrictions on cryptocurrencies, and the mining of crypto, the country is still focused on utilizing blockchain technology for several organizational benefits. The government of China is not only a defender of blockchain technology, but it is also the largest promoter of technology around the world.
The Chinese government is introducing multiple distributed networks by providing an advanced industrial blockchain technology framework. All the efforts by the government are in the hope to integrate technology into the growth and financial strategies of the country.
The country plans to develop licensed property insurance, tariff incentives, and industrial norms to help blockchain-integrated enterprises. The Chinese government believes that blockchain technology will have a significant impact on the coming worldwide innovation.
An administrative tool is important to rebuild the trust of Lebanon in its central bank digital currency project (CBDC) and distributed banking sector. Since the private banks of the country have extreme connections with the government, the public sector finds it hard to trust both.
The governor of the Central Bank of Lebanon, Riad Salameh reveals that at present the Lebanese people store more than ten billion dollars in their own houses. In 2018, he shared that the bank has an active community to explore and execute digital money as the local currency known as the “Lira”.
The tiny town of Switzerland, known as Zug with a population of twenty-nine thousand people is called the home of the Ethereum network with more than 450 blockchain-integrated businesses and associations. The country provides duty treatment, a liberal administration for the freshly developed blockchain business.
The small town of Switzerland has an incredible worldwide, and homegrown effective administration, business networks, and low fraud rates. The residents of the country have a huge knowledge of technology. Similarly, the parliament has recognized Bitcoin as “fresh money”.
Blockchain technology must soon be implemented in the country’s financial services, logistics, insurance, healthcare, medical care, and more. The amicable guidelines of blockchain have drawn a large number of investors.
The South African Reserve Bank also known as SARB utilized Quorum to start “Khoka”, a blockchain-based project with multiple business banks. The interbank network system is used to handle the daily volume of transactions with complete security and in real-time.
Once the project was successful, stage two commencement of the project was declared by SARB making use of tokenized cash in a Minimum Viable Product (MVP) to distribute and resolve assets on Digital Ledger Technology to convey strategies and organizational reflections.
The United Kingdom
The United Kingdom is the second country with a huge blockchain-based business in the industry. The regional authorities of the country are working on policies against delayed monetary services, and identity fraud by utilizing the blockchain architecture.
Under the project “Innovate UK”, the UK government introduced a Blockchain-as-a-service solution in the month of August 2016. The blockchain-as-a-service or BaaS is used to compensate for welfare checks and student loans. Similarly, the people who retire get a guarantee in payments through mobile applications underpinned by blockchain technology from the UK’s department of pensions, and work.
The blockchain team in the UK is working towards empowering and directing development.
The central bank of Bahamas 2017 introduced its first CBDC known as “Sand Dollar”. The aim was to streamline and innovate to reduce service conveyance costs, optimize the financial framework, and improve transaction efficiency in the country. In 2020, Sand Dollar was the very first CBDC to pass through the pilot phase and successfully take off.
There are a few blockchain-based businesses that the country fully supports. When it comes to blockchain advancement and technology applications, the country is competing with China and Japan equally.
There are guidelines prepared by the country to support the development and growth of blockchain technology. Singapore is a new country and emerging as a SMART NATION with its strong methodology. With its advanced technological development, it is one of the important and top leaders in the crypto and blockchain industry.
The country is also leading around the world as the best smart city, with a number of ICOs, and multiple blockchain development companies. The government of Singapore also utilizes blockchain accommodating protocols.
The United States
When it comes to state-of-the-art blockchain technology, the United States managed to be on the top list. There have been significant efforts from the country to accept and execute the technology in its organizations, and research associations especially to set up bitcoin ATMs.
In respect to blockchain development companies, states like Texas and Montana are highly considered by the US government. Did you know that 40% of blockchain startups around the world are from the United States?
In 2017, the government of the US invested $10.7 million in blockchain-based projects. The number rapidly increased to $ 123.5 million by 2021. To support the Ethereum blockchain network, two hundred unique banks merged with IIN(Interbank Information Network), as reported by JP Morgan Chase.
One of the earliest nations to set up a blockchain-underpinned e-residency framework is Estonia. The country has transformed itself into a virtual society that deploys new technologies to improve the economy and way of living for the citizens.
The country is planning to deploy the technology in governance, banking services, healthcare, and other Bitcoin-based ATMs. Estonia is also the first to introduce e-voting, based on blockchain technology.
Another important part of the government service is they offer a day-in and day-out on the web. The information on the web is guaranteed and reconciliation by blockchain technology. Anyone who wants to live in Estonia will receive an e-citizenship from the government.
Estonia and its people are driving the country towards a new tomorrow. The nation in itself is a tech organization.
The blockchain industry has been existing for ages, but it has only been a few years before businesses could recognize its true potential. Several countries around the world are planning to incorporate technology into their organizations to make a better way of living. Here we have listed the top ten countries that are technologically advanced while there are many more on the list. The technology is growing at a CAGR of 68.4% and is expected to reach $67.4 billion by 2026.