Innovation

The cryptocurrency ecosystem is vast and growing, with new segments sprouting up faster than innovation can keep up. Early on, the industry consisted of miners and hobbyists who were in it for the tech.

Ukraine will use blockchain technology to track the supply chain of timber on international markets. It is thus the second country in the world, after China, to test this pilot initiative.

As artificial intelligence (AI) is widely used in numerous areas of human life, there is a need to regulate it in order to eliminate the potential dangers of the technology. For this reason, Russia has developed a Code of Conduct for this innovation.

One of the most exciting innovations brought to financial ecosystems by blockchain is the capability to execute digital transactions between two parties without the need for an intermediary.

As America tries to catch up in the development of the digital dollar, several obstacles still stand in its way. Congress remains divided on the issue, giving China even more of a chance to win.

Several customers' demand for a variety of contactless payment alternatives is triggering unprecedented growth. As per the new findings, the number of smart point-of-sale terminals is heading for a massive growth in the coming few years since retailers and consumers are increasingly embracing and adopting the financial and payment technology.

The US Congress recently passed at least two cryptocurrency bills that are supposed to facilitate mainstream adoption of digital currencies. The bill, called the Blockchain Innovation Act, and part of the Digital Taxonomy Act were passed as part of the broader US Consumer Safety Technology Act of 2020.

The nascent blockchain and cryptocurrency technologies offer great potential and various use cases. For this reason, they are being closely looked at, especially amidst lockdowns and general digitization. Thus, since 2021 began, two cities in the United States announced plans to employ innovations to the benefit of their citizens.

On April 21, the Singaporean Blockchain Association signed a memorandum of understanding with five other countries across the Southeast Asian and Pacific regions. The aim was to create a consortium and promote education on blockchain and decrease cautiousness about cryptocurrency.