How Blockchain and Cryptocurrency Can Shift the World Power to East

June 30, 2020   (0)   Vandana Malik

In today’s world, people are continuously working on transforming the traditional system with digitization and advanced technology. This type of transformation was seen during the Dot Com boom especially across the United States and Europe. Dot Com Boom is also known as Dot Com or Internet Bubble which was a major stock market bubble which completely changed the scenario of all the companies related to the internet.

This Dot Com Bubble took place during the end of 1990s and the major reason behind this was the huge speculation behind all the internet related companies. During this time, various stock market indexes saw a huge surge and some have seen around 400% increase. Between the years 1995 and 2000, Nasdaq, the huge stock market has seen a rise from around 1,000 to more than 5,000. This was the huge expansion of internet technologies and companies that the world has ever seen till date. It has been seen that this major boom has made both the U.S. and Europe a global leader in this very sector.

Creation of Silicon Valley

Silicon Valley, popularly known as the computer industry of San Francisco and the name Silicon has been selected because a large number of manufacturers were developing integrated circuit chips and MOS transistors which were based on Silicon. Both Palo Alto and San Jose have played one of the major roles in the making of Silicon Valley. At the present time, most of the world’s largest high-tech companies are based there only. Along with this, it is also one of the wealthiest regions in the whole wide world. Back in the previous year, it was reported that this whole region releases an annual GDP of $128,308 and the annual output goes around $275 billion. Most of the companies that belong to Silicon Valley are hardware and software companies. Many of the tech giants and various high-profile ventures were started in Silicon Valley and still have their headquarters situated there only. A lot of people believe that Silicon Valley has played a major role in building up a complete culture or you can say ecosystem for entrepreneurship.

Blockchain and Cryptocurrency emerging as next world power

As the technologies have been evolving rapidly, it has been seen that blockchain and cryptocurrency is now emerging as one of biggest changes in different sectors as far as technology is considered. As much as people are moving towards digitization, the blockchain and cryptocurrency adoption is increasing consecutively. Earlier it was seen that the major focus of blockchain was related to the only cryptocurrency but now the picture is different. Blockchain is flourishing across the different sectors and people have started adopting it widely mainly due to the decentralized aspect of the technology. These days, it has been seen that blockchain technology is making its space in different sectors and playing quite an important role like healthcare sector, education sector, food supply chain, banking sector and a lot more. People are trying out various use cases of blockchain and with this, its adoption is increasing rapidly.

There has been a similar increase in the adoption of cryptocurrencies as well. Over time, people have started moving more towards the digital currency and it seems that cryptocurrency is emerging as one of the most popular ones. If the adoption of cryptocurrency will keep going at this pace then it might soon replace the traditional financial system. People have started using their digital assets, particularly cryptocurrency to make payments across the world and believe that this is the most secure and transparent way of making payments. During the time of inflation or financial crisis, cryptocurrency has proved to be a saviour against the traditional financial system.

During the time of the coronavirus crisis, it has been seen that both blockchain and cryptocurrency have helped people to a very great extent to deal with the crisis. Blockchain has emerged to be of great help for the healthcare sector during this pandemic in order to track active cases and maintain records as well.

Eastern countries betting big on blockchain

Blockchain adoption is increasing rapidly across different parts of the world and it has been seen that several eastern countries are betting big on blockchain. They have developed a lot of projects using blockchain technology and it seems that people are accepting this change widely.

Japan

Across the whole Asian continent, Japan is a hub of blockchain technology and from past few years, the adoption of blockchain technology is increasing rapidly across the country. Some of the major tech firms like Sony, Fujitsu and many others are exploring blockchain technology. Both the companies have been researching the uses of blockchain technology and are working for the development of the technology. These firms are trying out the use of blockchain technology majorly in the education sector of the country and are partnering with various blockchain giants to accelerate the development.

China

China is another major country where the blockchain adoption is becoming quite prominent. Even though the country is moving quite rapidly towards blockchain technology, it has also imposed several bans on the cryptocurrency. The country states that blockchain should not be associated with the cryptocurrency and they are increasing the blockchain adoption and not promoting cryptocurrency. Not only the private sector, but the government of China has also invested in various projects that are centred around blockchain technology which clearly indicates that the country is moving towards blockchain. The Central Bank of China has also developed the central-based digital currency and with this, there has been a huge development of blockchain technology as well.

There are several other eastern countries also which are moving towards bigger blockchain adoption. Countries like Singapore and South Korea are also considered among the most prominent ones where blockchain adoption is increasing at a very great extent. Both the private and public firms are trying out the use of blockchain technology in different sectors in these countries.

Conclusion

One of the major points to conclude the article would be that with the increase of digitization across the world, blockchain technology is developing and flourishing in various sectors. With such huge adoption, one thing is quite clear that future belongs to blockchain and cryptocurrency and both of them are quite capable of pushing the world power towards East because the major blockchain and crypto adoption has been seen there only.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.