Innovation

As innovative technologies like blockchain and cryptocurrency gain popularity, they draw the attention of global celebrities from various fields. Now, a rapper Jay Z and a movie star Will Smith invested in a startup aimed at helping Ethereum developers.

The realm of traditional finance is in the vicinity of a transformation. As people seek for more convenient innovative alternatives, global payment giants are forced to explore these technologies to meet their users’ needs.

Dubbed Crypto Nation for its friendly stance for innovations including blockchain and cryptocurrency, Switzerland confirmed the name once more. A new legal package passed by the Swiss Federal Council is going to remove all existing legal barriers for startups.

The South Korean government is actively adopting disruptive innovations including blockchain and distributed ledger technology (DLT) within various industries. It seems the country wants to follow in the footsteps of Japan and Switzerland to become a global tech hub.

As the main reason for drastic climate deviations taking place recently is considered to be carbon emissions, and conventional methods of its regulation obviously do not work well, countries are forced to seek innovative alternatives. Among other technologies, special attention has been paid to blockchain.

It is no secret that inclusion in the international financial system is tightly connected to people’s wellbeing. While the population of developing countries worldwide suffers poverty, fintech innovations including blockchain technology can help these people improve their life.

As the world becomes increasingly digital, the financial institutions we are used to having to adjust and turn to innovations. While some of them are exploring the possibility of developing and launching their own digital currency, others are looking to take advantage of the existing technologies such as stablecoins.

The first Cryptocurrency, Bitcoin, was introduced about a decade ago alongside blockchain technology. Both innovations have the disruptive potential for the digitization of many industries in the future within the coming decade.

At this year’s annual gathering, the Chinese legislative body proposed the establishment of a fund to support the development of blockchain technology led by the government.