Bitcoin has come a long way since its underlying technology was introduced by the mysterious figure, Satoshi Nakamoto. A decade after its launch, the cryptocurrency that was worth only a few cents then is now circling around the $10,000 price range. The price of cryptocurrencies remain to be unpredictable to its data, but according to a few experts, Bitcoin’s glory days could be over.
Despite the growing interest in the cryptocurrency, there are some governing bodies that chose to clamp down on Bitcoin transaction. Asian countries like China and Nepal have made Bitcoin illegal. South Korea, in particular, banned all local transactions of the coin earlier this year. The crackdown resulted in Bitcoin’s dwindling price earlier this year, says Fortune.
The reason behind the ban was that according to the prime minister of the country, Bitcoin could corrupt the youth. According to a translation by CNBC, Prime Minister Lee Nak-Yeon says that cryptos are being used in illegal activities, which include drug dealing and marketing frauds.
Although Asian countries have a negative outlook on cryptocurrencies like Bitcoin, they aren’t dismissing the technology behind it just yet. In fact, blockchain technology is growing substantially thanks to the efforts of a few countries in the east.
Southeast Asian countries put blockchain technology on spotlight
The technology behind Bitcoin is now used for a lot of things other than processing transactions in a public ledger. South China Morning Post notes that Southeast Asia is a place where blockchain innovations are ripe.
According to the report, Singapore and Indonesia have funded blockchain research for banking and finance. It might not take long before banks from the said countries begin running on the blockchain.
Aside from Singapore and Indonesia, other countries are showing interest too. Even South Korea seems to be interested in the technology despite its negative view on crypto trading. Technology Minister Yoo Young-nim recognized that blockchain is a separate entity from crypto trading.
In China, game developers are now taking blockchain technology into the field of entertainment with CryptoKitties, a pet simulator that’s based on the blockchain. In the game, players can trade and sell cats with each other and all these transactions will be recorded in a public ledger.
Although blockchain technology is slowly being integrated into an array of processes, it is still yet to be a fully accepted innovation. Blockchain startups could still have a hard time progressing with their projects due to a lack of investors and funds. That’s where companies like Global Blockchain Technologies Corp. (TSXV:BLOC.V, OTC:BLKCF) steps in.
Global Blockchain is an idea that stems from the mind of Ethereum co-founder, Steven Nerayoff. Global Blockchain knows the potential blockchain holds if it falls into the hands of budding entrepreneurs. As such, the company is intent on providing support for blockchain-based startups that have the most potential.
The company’s incubator programs will be put to good use in areas such as Southeast Asia where people are more than willing to integrate blockchain technology in various sectors. With their mission to help out aspiring blockchain technologies, the company will be able to truly take advantage of decentralized public ledgers.