Blockchain technology has the potential to transform multiple sectors of the economy, reduce costs, enhance customer experiences, and improve security and transparency. As a result, countries are investing in developing and using blockchain technology to address different societal and economic concerns.
Here are the top five countries leading blockchain adoption:
El Salvador: The country became the first nation to recognize Bitcoin as a legal tender. In June 2021, El Salvador established a law recognizing Bitcoin as a legitimate payment method alongside the U.S. dollar to prioritize financial inclusion, where 70% of adults do not have a bank account.
Portugal: The nation has created a favorable environment for blockchain and cryptocurrency startups, actively using blockchain technology in public services, healthcare and supply chain management. The Portuguese government introduced the Blockchain Panorama platform in 2019 to encourage information exchange and cooperation among participants in the blockchain business.
Singapore: Singapore is investing heavily in blockchain research and development, with the government creating a favorable regulatory climate that has made it a hotspot for initial coin offerings (ICOs). Many blockchain businesses choose to incorporate there.
Malta: Along with Singapore, Malta became a leader in promoting blockchain adoption in 2017 when it gained the reputation of “blockchain island” after drafting industry regulations to speed up the growth of blockchain technology. In 2018, the Maltese parliament passed three laws providing a regulatory framework for blockchain and digital currencies to regulate ICOs, digital assets, digital currencies and related services.
United Arab Emirates (UAE): In April 2018, the UAE government launched the Emirates Blockchain Strategy 2021 to become a smart region, with government services and private businesses powered by blockchain for more efficiency.