Take an in-depth look at blockchain technology's latest developments, projects and products.
Governments’ interest in blockchain stems from the technology’s ability to improve security, transparency, efficiency, and speed in government services and processes. Generally, government agencies use inefficient, centralized systems that do not provide transparency. Even though many governments value agency interoperability, system infrastructure is often siloed and isolated from the others, making it time-consuming and expensive to share information and transact assets between the different parts of the government network. The current inefficiencies in government systems make government services and operations prone to error, cyber attacks, information manipulation, and corruption. Governments across the world are realizing that blockchain technology can be a practical solution to many of these problems.
The primary innovation of cryptocurrency is the existence of a form of digital money that exists independent of any centralized operator. Despite the fact that this decentralization is the main selling-point of these assets and the underlying technology, many still choose to store their digital assets on centralized exchange platforms and wallet providers such as Coinbase.
Litecoin creator and Managing Director of the Litecoin Foundation Charlie Lee announced on Twitter Tuesday that the Litecoin Foundation has acquired a 9.9% stake in the German financial institution WEG Bank AG. The equity was received from TokenPay, a strategic partner of the Litecoin Foundation, who transferred their shares in exchange for technical assistance with various blockchain projects from the Litecoin Foundation.
As the implementation of blockchain technology increases, so does the list of international organizations getting involved in its development. Some organization on the list include the International Organization of Securities Commission (IOSC), which recently published a wide-ranging research paper that includes findings on blockchain tech; the United Nations Development Program (UNDP), which partnered with Blockchain, the world’s leading software platform for digital assets, the UN Refugee Agency (UNHCR) and the World Economic Forum (WEF) to explore the use of blockchain technology for development; and the World Bank, which launched a blockchain lab as part of a bid to pilot projects that can improve governance and social outcomes in the developing world. Recently, the Organization for Economic Cooperation and Development (OECD) added itself to the list by launching a number of projects that focus the collaborative efforts of its thirty-six member states on blockchain research, development, and implementation.
The past few years have witnessed the emergence of disruptive technologies, such as blockchain, that promise to revolutionize the way business is conducted across many industries. As these technologies continue to evolve and seep into our daily lives, people, companies, and societies quickly adapt and assimilate to them. The law, however, does not.