Author Archive David Adamson

The undeniably ingenious invention of the era is Blockchain. This technology is continuously taking over the business world.

Earlier it is considered to be confined to Bitcoin and other cryptocurrencies are just the tip of the iceberg.

By enabling digital information to be distributed but not copied, the blockchain technology created the backbone of a new type of Internet.

It is often touted as the new Internet and it has built-in robustness. It stores blocks of information that are identical across its network. The best attribute of this technology is that it cannot be controlled by any single entity and has no single point of failure.

Blockchain opened new doors of opportunities and profit for the entrepreneurs and established brands. After ruling in some unexpected industries such as sports, logistics and many more it is moving forward in the mobile app economy.

There is no doubt in saying that the mobile economy is virtually unstoppable as we can see the statistics that it will reach $6.3 trillion by 2021. The question is whether the technology has the potential to influence mobile app development space to ponder over.

Let’s dive in to find out how this futuristic technology is going to be benefitted.

Smart Contracts

Smart contracts will help in exchanging property, money, shares or anything of value in a transparent, problem-free way as well as it eliminates the need for a middle person.

The website blockchain technologies see smart contracts mingling into a hybrid paper and digital content where contracts are verified through blockchain and confirmed by physical copy.

Since the blocks are capable of recording their ownership, values, and timestamp it will reduce the possibility of data manipulation.

It has a peer-to-peer architecture, which supports the concept of smart contracts between businesses and their customers.

Let’s take an example, software companies also have some rules and procedures when they sign a project with the client such as NDA between the company and the client. This will make everything sorted, smart contracts are just like the legal agreements but they are digital and virtually available in which everything is transparent.

As mobile applications will be developed to facilitate validation of transactions, smart contracts will become highly secure and cost-effective in comparison to real-world procedures. This will be only achieved by applying Blockchain App Development as the smart contract is totally based on Blockchain technology.

More Secure Environment

The Blockchain is a distributed ledger which records everything in such a way that the information is easily tracked by its users. This characteristic makes it impossible to falsify information or to create any fake transactions.

This removes the risk of trusting each other as this issue will be taken care of with an immutable record as a blockchain ledger, everything is clear so that you can see each precise detail involved in the process.

As well as the storage of data can be verified, tracked and secured all at once. The blockchain expands as more entries are made to the ledger so that you can add more data. The system has full authority and also a very strong check and balance system.

Blockchain App Development Services also introduce you to the encryption power of this technology. It is next to impossible to decrypt without any decryption key by anyone to fool the system. This accommodates it to any system that requires giving access to various users but also needs verification of information.

As the mobile development advance and blockchain technology matures the merger of this technology will become widespread. It will provide a new definition to the privacy with the ease of use.

Approval of apps in the stores

The current scenario of app approval is entirely controlled by the two dominant app stores that are Google’s Play Store and Apple’s App Store.

These app stores are leading with 3.8 million apps in the Play Store and 2 million apps in the App Store. They decide which app will be published on their store and which will not on the basis of their quality assurance test process and distribution policies.

But the process of approval is not transparent and leaves the developers with an exclamation mark in their mind. This makes the task clumsy and time-consuming but also increases the confusion among mobile app developers in case of app denial.

On the other side, the less transparent process also increases the risk of the distribution of malicious apps by the users and leads to lesser security in the app market.

The introduction of blockchain technology into the process can make this process transparent through a reputation system for the developers. This system will directly be linked to the transactions on the public ledger and will be available for validation all the time.

Other than this with the help of Blockchain Application Development Services, various means will be employed to verify the identity of the mobile app developers.

It will also enhance the ranking system used by the users and will build up the trust of the users.

Resolving the Hassle of In-App Purchases

In a recent surveys report by We are social and Hootsuite unveils that there are 4 billion around the globe using the Internet. This means that now more than half of the population is online.

Though only 2 million mobile users have access to the payment solutions for in-app purchases. Besides this, the traditional in-app process allows the user to pay to the app store, deals with the banks, fraud cases and many more. After all these intermediaries the payment comes to the developer from the app store with a hell lot of hassle.

As a result, neither the developers are able to get the best nor the end-user is able to enjoy the perks of in-app purchases.

Here comes the superpower of Blockchain technology as a blessing. It enables mobile users to use and spent their reward coins in the absence of credit card and other payment methods. With this, it will also eliminate the middle person and will empower developers to get 85% value.

Cheers to No More Data Loss

The buzzword blockchain still leaves people amazed at the actual use and function of it. So let me tell you precisely what it actually is, it’s really easy to understand how blockchain development functions when you fantasize it as a ledger. The reality is that blockchain is just a digital ledger that is powered by a friendly computer network that allows sending and parsing data simultaneously.

The best part is if one person changes the information that change is transmitted to the other machines on the network that holds the same ledger. This systematic approach makes it adaptable and mobile technology needs such an approach.

Most systems use a client and server-side system, in this case of mobile networks the phone and mobile app act as a client and a central server distributes data on the request.

Millions of users and channels try to get the data wirelessly which makes the mobile networks stressed and causes some information to be lost. With the help of blockchain, mobile app development companies can implement it to get more advanced storage and data streaming.

Conclusion

Now, it is perfect to state that Blockchain will redefine the mobile app economy and offer the possibilities to the mobile app developers as well as the users that they have been waiting for years. Ease of use and access without the need for extra resources is too fascinating. If you are looking for a perfect solution for your app, we have your back. We blend blockchain in a way that it will reshape your business.

We are transforming the way you do business. Our innovative engineers build software solutions that are resilient and scalable to the changes that any market-leading business would face. Whatever be your need, to make a strong strategy or to design a groundbreaking user experience we have your back.

Being one of the Blockchain Development Company Services render solutions for Blockchain-as-a-service, Open source Blockchain, Blockchain Application Development, Mobile Wallets, ICO and more to help you enhance your businesses by blending best available technology.

People around the world are investing billions of dollars in cryptocurrency every year. It can be said that the market capitalization of digital currencies is only bound to increase in the future. That leads to the question – how does one trade cryptocurrencies?

The answer is simple, anyone looking to trade in cryptocurrencies needs to sign up with a crypto exchange. A crypto exchange is a platform where users trade cryptocurrencies for other assets, such as fiat money or other digital currencies.

Currently, there are three types of exchanges: Centralized exchange (CEXs), a decentralized exchange (DEXs), and a new innovative platform, Hybrid exchange.

Each exchange comes with its unique business model and features that might or might not serve your business requirements. So which exchange fulfills your needs? Although there is no definite winner in the race, a trader can analyze the advantages and disadvantages of these exchanges to make a more informed decision.

So, let’s learn about different kinds of exchanges functioning in the crypto market today:

Advantages and Disadvantages of CEXs

Today, most people around the world trade digital currencies on a centralized exchange because they appreciate its simple interface.

The technology behind the model is easy to understand; the exchange’s ledger updates its internal database regarding who owns what at different points in time. The third-party in control of the server possesses all exchange data, transaction history, and funds of customers. Therefore, a centralized exchange platform enables high liquidity, fast transactions, and streamlined user experience on the exchange. The speed and simplicity of a CEXs have led to a majority of traders adopting the platform over a decentralized exchange. The higher user base, in turn, has resulted in a much higher trading volume as well.

However, the problem with a central server model also resides in its simplicity. The central, third party server that holds KYC data of every user, becomes a single point of failure. For instance, if a hacker manages to corrupt the central server, he’ll come to possess the data of every user on the system. The obvious drawbacks in security and privacy are quite real; there have been hacks in the past that have caused substantial losses.

Pros and Cons of DEXs

Those looking for a trustless and discrete experience prefer a decentralized exchange. A decentralized exchange does not have a central server. It does not hold the data of all its customers, which permits its users to have more control over their data. Every transaction on the network happens in a peer-to-peer manner, thus, eliminating the intermediary. It results in lower service charges than centralized exchanges. Moreover, it is a much safer alternative to traditional centralized exchanges as there is no single point of failure. To hack the network, a hacker must compromise the entire digital ledger to gain access to customer data. A decentralized exchange is much more secure and reliable than a centralized exchange.

Even though it is a much safer alternative, many users still prefer centralized exchanges, due to their easy accessibility. A beginner struggles to understand the complicated format of a DEX whereas an expert finds the lack of analytical tools frustrating. Above all, DEXs are slower than CEXs. Furthermore, DEXs don’t have as many trading pairs as CEXs. That means users incur extra costs of converting one crypto coin to another before they can trade them on a DEX. All these problems have led to lower user adoption, and consequently, a much lower trading volume compared to centralized exchanges.

Pros and Cons of a Hybrid Exchange

Hybrid exchanges are a new type of crypto exchange; they intend to combine the best features of centralized and decentralized exchanges. A hybrid exchange is not only secure and reliable but it also provides analytical tools to experts and aficionados.

Due to its “hybrid” nature, a user enjoys the features of a CEX and a much more secure environment provided by DEXs.

Businesses stand to gain a lot from this innovative method of trading cryptocurrencies and assets. However, it is not well tested and developers need more time to streamline the experience for their clients. If you’re ready to invest in this type of exchange, make sure you’re patient, because the potential benefits outweigh the negatives.

The idea is new but holds immense potential if the developer can come up with customized solutions for your business.

Conclusion

As explained, each option has its pros and cons. It’s ultimately up to the client to determine what works best for them. To make an informed decision, one should first ascertain what is the primary concerns of potential customers? Security, speed or privacy? We, at Oodles, can help you with this complicated decision and guide your business to success.

Author Bio

We are a blockchain development company that also has expertise in providing cryptocurrency exchange development services. Contact us now for hassle-free exchange development solutions and start your cryptocurrency exchange business today.

In today’s world of business, you have to either be on the side of the product or the consumer. However, in the new world where the demand and supply are in excess, one of the most lucrative business ideas is to be the mediator between the demand and the supply.

Cryptocurrencies stand among the most innovative revolutions that have occurred in the field of finance and technology. There are different types of cryptocurrencies created day-in and day-out across multiple blockchains. These cryptocurrencies have a need to be traded to increase profits and to make the circulation and acceptance more dynamic.

To facilitate trade and transaction between cryptocurrencies, a robust cryptocurrency exchange is essential. You can create your own cryptocurrency platform using these steps!

What Is A Cryptocurrency Exchange Platform?

A cryptocurrency exchange platform is a digital marketplace where users can sell cryptocurrencies that they possess at established exchange rates. Cryptocurrency exchanges operate as an intermediary between buyers and sellers.

Before you go on to the actual process, the idea and the concept are of vital importance. Preparing and planning are quite crucial because all the specifications that you will need have to be specified even before the project starts. The exchange platform should have the following characteristics

• Flexibility to develop, customize, and scale
• Safety and security
• Complete control
• Instantaneous response to all actions

As a prescribed best practice, it is recommended that the entire ecosystem of the exchange is made of different modules. Each module should work independently. The interaction between the different modules should be managed by specific requests and should be hosted on different servers to balance the load. This will ensure that even if one of the modules is under attack, the others can function smoothly – taking care of just one server would be enough to get the exchange up and running again.

The Different Types of Cryptocurrency Exchanges

Given the fast-paced change in the world of cryptocurrencies, there are different types of exchanges. It is only upon your choice of the type of cryptocurrency exchange that the structure can be decided.

Direct trading platforms provide the tools for making immediate deals between the users. This type of exchange platform does not involve set market rate but depends on the rates set by the traders.

Brokerage platforms are the kind of sites that any person can use to buy currencies at the rate that is defined by an agent. The cryptocurrency agents are quite similar to foreign currency dealers in their functionality and profit-model.

Almost all cryptocurrency exchanges require the following steps:

Obtain The Legal Counsel To Ensure The Meeting Of Requirements

Any exchange is subject to the laws of the jurisdiction. Therefore, it is important to seek legal counsel and understand regulatory requirements. Proper licensing will need to be obtained in all the jurisdictions that your company plans to operate at. Some exchanges operate without significant oversight of recognition and legality. There have been instances where cryptocurrencies have not been recognized by the Government. Whatever be the geographical location of exchange and the intensity of the regulatory requirements, it is important to adhere to the KYC (Know Your Customer) and AML (Anti-Money Laundering) norms.

Estimate the cause and assure the funds

Before the start of the project, it is a good practice to estimate the approximate cost involved. It is known that a bare minimum of 12BTC will be needed to develop and launch a cryptocurrency exchange. The cost includes but is not limited to technology, hosting legal advice, government registration, and marketing. While the whole of the cost might not be required in the beginning, assuring the availability of funds ensures that the project will not succumb in the midway.

Finding a technology service provider

These Companies provide complete cryptocurrency exchange solutions charging a one-time fee without royalties or commissions. Buying a white label cryptocurrency exchange will also come in handy in the process of you launching the trading platform.

Ensure exchange liquidity

Liquidity is defined as the magnitude of the ease with which a currency or a cryptocurrency or an asset can be converted into tradable real-world cash. Liquidity for an exchange is the cornerstone to its success. If you don’t have a live order book with trading activity, there is a very good chance that potential customers think there is not enough demand on the exchange to sell their currency.

To circumvent this challenge, you can simulate activity on your exchange with dummy accounts within the new exchange. Another way to liquidity is to connect your exchange to an existing network of exchanges with a little cost. The magnitude of liquidity is directly proportional to the size of the network of exchanges.

Partner with the payment processor

You will have to consider a lot of factors like fee structure, lowest transaction rate, and processing fees before you choose your payment processor. There might also be differences when it comes to settlement time and compliances with the legal requirements. Be informed that your exchange is vulnerable to cybersecurity threats even through your payment processor!

Implement the security best practices

Security is of paramount importance for any place where the money is invested. The exchanges that are created by exchange development company ensure top-notch security, so it is immune to most cybersecurity threats. With the dubious record of security breaches like Mt. Gox, security is one aspect that users will meticulously consider before trading with any exchange.

Test your exchange

After the exchange has been built, and the contract with the payment processor has been set up, you have to ensure that the venture of the cryptocurrency exchange that you have created functions smoothly in its full range even at the beta level.

Marketing your exchange

While the technology and the functionality parts are important, it is equally important to ensure that your exchange is marketed in the right spaces. Making use of crypto news outlets and the classical elements like email marketing, search marketing, and social media could give your exchange the much-needed wings in marketing.

Provide ongoing customer support

This is one of the territories where most of the exchanges fail! A customer support desk that is diligent and attentive in satisfactorily resolving customer complaints should be in place to answer your customer queries 24/7. You can also consider implementing an existing helpdesk like Zen or Zoho.

What next? With a company, everything right from ideating your exchange to marketing your cryptocurrency exchange will be taken care of smoothly. Our white label cryptocurrency exchange scripts give you low-cost solutions for technology that is otherwise considered expensive. Just drop in your inquiries to us and we will take care to help you create and operate your own cryptocurrency exchange!

It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.

The law of evolution stated by Charles Darwin a couple of decades back still holds true in the case of businesses that are fighting in the blood-thirsty competition to survive, grow, and prosper. This is why, increasingly, the businesses are gravitating towards the adoption of innovative technologies to stay and thrive in the game.

With unprecedented innovations and amazing use cases of mobile, wearable, AR, VR, AI, IoT, and pretty more, if you think technology evolution has reached a saturation level. You are absolutely wrong. The not-so-old kid on the tech block- blockchain technology is ready to take the world by storm.   

Let’s understand what blockchain is:

Blockchain technology is actually a decentralized ledger that’s made up of blocks (or nodes) that are securely linked with each other through the cryptographic link to form a chain. In a distributed ledger, each block on the chain is distributed but not copied, and immutable in nature, but can be shared with no central authority. 

The ingenious invention that’s transforming the universe is originally brought to the world by the pseudonym, Satoshi Nakamoto which is underlying technology behind cryptocurrency (Bitcoin). Later, the tech has evolved into something bigger and now, it has become a backbone of the several cryptocurrencies such as Litecoin, Ethereum, Dash and Ripple, etc.

What are cryptocurrencies?

Cryptocurrency is a digital currency that’s used to execute the financial transactions securely due to cryptography. Security, no central authority, immunity to changes, no bank or government regulation or control, and no third-party involvement are the biggest allures of the cryptocurrency. That’s the reason it’s emerged as a great alternative form of payment to cash, credit cards, and checks.

The payment through cryptocurrency has certainly gained an upper hand in the world economy, but still not reliable and convenient in the age of mobile wallet app development. This need led the creation of cryptocurrency wallet app development which is a highly secure, convenient, and reliable option for the financial transactions.

Take a quick glance at the Cryptocurrency Wallet Application Development:

The cryptocurrency wallet app shares a resemblance with the digital mobile wallets that enable transferring funds, making transactions, peer-to-peer sharing, and pretty more. This type of wallet use cryptocurrency like bitcoin as a digital currency to enable quick, easy, and secure financial transaction without having intermediaries in between. The smart contract securely validates the transaction between different parties based on the pre-defined set of conditions.

There are different types of cryptocurrency wallets such as mobile wallet, web wallet, a desktop wallet, and hardware wallet that works on the same concept but have different accessibility and utilities. These wallets are carving a distinctive niche in the market due to the easy access it provides to the users access the funds in the form of wallet app.

The role of Blockchain Technology In it:

The cryptocurrency wallet app is an independent part of the blockchain’s public network where the information regarding every transaction is recorded, and reviewed and tracked by the user at any point of time. The app allows the user to turn the cryptocurrency into real paper money through QR code scanning that can be used for money transfer or shopping (Just in a few countries).

The wallet app can be created, locked, blocked, or deleted anytime without requiring any kind of user registration through a financial institution, or government. The cryptocurrencies can be sold through banks in a few nations. The peer-to-peer mechanism is also available that facilitates transparent and secure transactions. 

Most of the cryptocurrencies have their own apps while some prefer the users to use third-party apps to send and receive cryptocurrency in a secured fashion. It indicates the wallet apps allow the users to interact with different blockchains while conducting a transaction in digital currency.   

Benefits of Cryptocurrency Wallet Application Development

• The transaction becomes cheaper and faster

Either opening a bank account or creating a wallet app and conducting transactions require the users to visit the bank or financial institutions where the users are required to wait for some time and additional fees or charges is the part and parcel of the game. This is not the case with cryptocurrency as the user can create, setup and start using the wallet app in a matter of minutes with no additional questions to answer or fee to pay.

Additionally, there are some countries like Europe that allow users to buy anything using paper cryptocurrency with minimal charges involved. Therefore, with no broker or third-party involvement, the transaction becomes easy, inexpensive, and quick.  

• No centralized regulation

The cryptocurrency doesn’t play by rules because it’s not supported by national banks and not obliged to meet any nation’s regulation. Besides, maintaining and making transactions through cryptocurrency is not restricted by any of the state and bank presets, just the way they are imposed on national currency (bank monitors every transaction, impose high commission charges, restrict cash out on bank deposit or cash circulation, and more).

No government or bank has control over the cryptocurrency transactions that are done through wallets, which makes it decentralized.

• Global acceptance

It’s an international currency whose value remains same in every corner of the world, which means no matter where the users are, they can make transactions having one wallet with no issues of the current exchange rate. Moreover, trading or sending cryptocurrency abroad is as easier and faster as going to the neighborhood because there is no restriction on the transaction amount, no excessive commission for international transaction, and transactions can be accomplished in a couple of clicks.

• Unmatched safety level

The cryptocurrency wallet has gone the extra mile to keep the transactions secure. With cryptography linking, public and private keys to conduct transactions and record immutability, the wallet gets protected against different ways of scamming. The wallets also allow the users to store data offline through cold keeping that makes it impossible to hack the data through the internet. The users can keep all the cryptocurrencies cold and just transfer the amount to address that needs an internet connection, which makes the wallet robust secure to use.

• The great degree of anonymity

Cryptocurrency wallets are owned by the user who has created the account and no third-party has control over them. They are absolutely anonymous and transparent as the user can make endless transactions without revealing the name, phone number, or other details. The users can track only the last transactions and stay unaware of what the receiver did with the cryptocurrency. 

Future implications of cryptocurrency wallet

The several advantages and enormous potential of the cryptocurrency wallet clear up the air that soon people stop looking at this wallet as exotic and unusual. Simplicity, speed, and convenience are the key factors due to which wallet is gaining major attention and wider adoption across the globe. It’s expected to continue in the years to come.

In the developed nations, the hardware-powered cryptocurrency wallets, ATMs for cryptocurrencies, and POS terminals for cryptocurrency in the shop are already getting used and leading players are also joining the race. Moreover, the investors, billionaires, and even some governments supporting the cryptocurrency wallet initiative.

It’s a sign, the great hype created around cryptocurrency wallet and blockchain will not burst like a balloon, it’s here to stay as a powerful digital financial transaction tool.  

The crypto stores initially pursued the task of creating a cryptocurrency that would not depend on a third party and possess the properties of cash currency in the electronic world: an instantaneous exchange of funds for a product or service. It is for this purpose that the blockchain technology was developed, which allowed rethinking the approach to solving problems in other areas.

Recommended Post: Why Is Blockchain Consulting Services Essential For Your Business?

Use cases of blockchain technology

Payments

The use of cryptocurrency as a payment instrument was the first use of blockchain technology and became widespread in the black and unregulated markets. The goal of the creators of the first digital currencies was achieved, but for the average consumer, this is not the preferred method. Blockchain is by its nature much more convenient for sellers than for buyers:

• The inability to cancel the transaction and get back the money for a defective product or service;

• The only thing that provides security and access to an electronic wallet is a private key, in case of loss of which funds are lost forever.

Smart contracts

The blockchain technology allows you to create distributed applications on a basis, the code of which is executed on the machines of the network participants. The principle of operation of contracts is very simple.

This allows you to draw up contracts in the form of executable code that will be executed in any case: it is protected from human factors and violations of the rules. Errors in the development of an interpreter of smart contracts can be avoided using open source software.

Data storage

Since the blockchain is essentially a distributed database, you can store any information in it, not just transaction records. This approach will ensure the reliability and availability of information for all network participants at any time. However, in systems of distributed data storage on the blockchain, data is encrypted and distributed between network nodes, which makes the process of changing data very slow and unreliable.

Voting

The principle of eliminating the control device between remote subscribers allows implementing a fair voting model based on the blockchain, where it is impossible to juggle the results.

The resulting distributed application can be used to manage the assets of not only the Ether currency but also any others.

Applicability of blockchain technology

It is important to understand when the blockchain is really necessary and not to try to use it absolutely in all areas. Although this desire is understandable – the technology itself is incredibly curious and carries great opportunities.

Many critics of the blockchain say that in 10 years of its existence, no one has come up with a killer app; an application that would conquer the market and become universally used. Perhaps such a system using only blockchain will never appear, but its own niche and narrow scope of application will definitely be found. You should meet with blockchain development companies to hire blockchain developers.

Development and support by companies

VMware

Many companies are interested in studying and developing blockchain technology. For example, in VMware, an entire research department was created that studies the impact of the blockchain on the field of financial technologies in general. They formed their unique vision, which is based on five points:

• Private distributed storage systems without using proof of work (PoW);

• High-speed data replication;

• The world of many blockchains; not a single network;

• Transaction support with cross-transaction capability;

• Built-in membership management;

We strongly recommend that you read the publications of VMware researchers to anyone who wants to learn more about the work of the blockchain and the future of this technology.

In addition, BlockChain on vSphere is a ready-made solution for users of VMware services which allows you to create your network in a few simple steps.

HyperLedger

In 2015, the Linux Foundation group founded an umbrella open source software project for the blockchain and related tools – HyperLedger, which is designed to support the joint development of distributed registry technologies based on the blockchain.

The HyperLedger project also has its own research center, which accumulates the experience of many companies: from the consulting and financial sector to the IT giants.

NEO

NEO is an open blockchain for smart economy. The creators aim to develop an ecosystem of smart contracts based on their network.

At the core of NEO is a proof-of-ownership model which makes it possible to achieve up to 10,000 operations per second. NeoGPS cryptocurrency is used as a deposit, and NeoGas is used to pay transaction fees, which is created when new units are received and distributed among Neo owners.

Competition

NEO Developer Contest was held with a prize pool of $490,000 in partnership with Microsoft. Participants were invited to submit a prototype of the application using the capabilities of smart contracts NEO.

Separately, it is worth noting the presence of support for several programming languages (Java, Python, C#) which permits using blockchain capabilities in existing systems and not waste time learning a new language.

Based on Neo, private blockchain can be implemented. The creator of the network immediately gets 100 million Neo at his/her disposal and can use them as a currency for applications or other purposes. For maintenance and initial launch of the network, a minimum of 4 machines are required, which can be created in one private cloud.

These are some of the applications and the development that takes place on the blockchain technology. Businesses from different fields are integrating this technology into their daily activities to ease processes. You can hire a blockchain developer by contacting blockchain development companies.

With an area of 13,826 square miles and a population of 23 million, Taiwan is one of the smallest countries in Asia. But despite its size, this tiny East Asian island is serious about innovation and is set to become the next crypto capital of the world.

The island has made major efforts to advance the adoption of cryptocurrency and blockchain technology. These advancements have made the Asian nation-state an attractive destination for tech start-ups focussing on Blockchain.

Taiwan’s journey to becoming the next crypto capital of the world is fuelled, in part, by the efforts of one parliamentary congressman by the name Jason Hsu. Nicknamed the ‘Crypto Congressman’ by Ethereum cofounder Vitalik Buterin, Jason Hsu is on a mission to integrate blockchain technology on a national scale and promote the use of the technology on applications beyond cryptocurrencies. The goal is to make Taiwan a haven for people and organizations working on different applications of blockchain technology.

Who’s Jason Hsu?

So, who is Jason Hsu? How exactly does he hope to make the island ripe for blockchain development and integrate the tech in the public sector? Jason Hsu became an official legislator and a member of the parliament in 2016.

Before becoming a parliamentary congressman, Hsu was a Silicon Valley tech entrepreneur. He is a vocal proponent of blockchain and crypto in terms of Self-Regulatory Organizations (SROs). In his role as a congressman, Hsu has made it clear that Taiwan is open to blockchain and cryptocurrency innovation.

Before joining politics, Jason Hsu worked as an advisor to the prime minister focusing on developing information and technology-related policy. Since then, Hsu has been involved in the drafting of several legislations relating to virtual currency, autonomous vehicles, cybersecurity, and other technologies. Jason Hsu is very passionate about turning Taiwan to a blockchain island.

But how does the former Silicon Valley techpreneur plan to achieve that? By using his legislative powers to bridge the gap between technology and public policy and remove legal barriers to technology innovation in Taiwan.

Walking the Talk 

Since becoming a legislator, Jason Hsu has done a great job at introducing legislation aimed at helping Taiwan become a blockchain island. In an interview with Jason Hsu, one of our writers asked the learned exactly how the Taiwanese ‘crypto congressman’ plans to turn his dream of a blockchain island to reality.

In December 2017, Jason Hsu facilitated the creation of Taiwan’s fintech regulatory sandbox. The sandbox allowed selected start-ups to launch new products and services with some immunity from existing regulation for up to one year.

The Financial Technology Experimentation and Innovation Act, popularly known as Regulatory Sandbox Bill, is a historical regulatory overhaul that will usher in a new era for the island’s fintech. Creating the sandbox was a response for the Chinese government decision to block websites offering Initial Coin Offerings (ICOs) for new cryptocurrencies in mainland China two months earlier.

Ready and willing to walk the talk, Jason Hsu approaches his goal of helping Taiwan become a blockchain island with an entrepreneurial mindset.

What About Taiwan That Makes It Ripe for Blockchain And Technology Development?

With the help of Congressman Jason Hsu, authorities in Taiwan are making huge strides toward turning the nation-state to a blockchain island. The ‘blockchain congressman’ has helped create a bipartisan alliance designed to help support the blockchain industry.

The parliamentary coalition is currently working on implementing a number of crypto and blockchain legislations that nurture and cultivate blockchain and fintech and attract more start-ups to the island.

Jason Hsu is a former Silicon Valley tech entrepreneur. He’s the leading effort in transforming Taiwan into a blockchain island. The East Asian island has passed — or is in the process of passing — legislation designed to attract blockchain start-ups. Jason Hsu believes that the island is in a unique position to implement and develop blockchain technology.

According to the congressman, Taiwan’s large pool of talent has the potential to pilot and pioneer projects that can build actual applications for the blockchain and build Taiwan as a blockchain island.