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Blockchain technology and the cryptocurrency economy are developing rapidly and attracting high capital and generating new wealth for its participants.
According to the report published by the Outlier Ventures-Q3 2018, “The State of Blockchain in 2018”, 119 start-up financing agreements were launched in the blockchain field. The investment reached a volume of US$2.85 billion. The level of growth has been at an annual rate of 316% compared to US$ 900 million in 2017.
Further confirmation of the strong development of investments in the blockchain sector comes from the Crypto Fund Research report. According to this, 90 cryptocurrency funds (crypto hedge funds) were created in 2018.
The European Commission has activated the Observatory and the European Forum on Blockchain. This is to analyze the potential of this innovative technology, specifically in financed projects on the blockchain. The main focus is with the FP7 research program. It is launched with a view of investment plans in EU up to 340 millions of Euros by 2020.
This investment is to develop blockchain projects to restore vigour to the European economy and find solutions for social and environmental problems. This in effect also endorses the blockchain application for social good.
Worldwide conferences are organized almost every day to study the usefulness of the blockchain in its various forms. These have been cryptocurrencies, smart contracts and tokenomics to name a few.
Think tanks all over the world are toiling with ideas in the integration of blockchain technology with other technologies like IoT, AI, Industry 4.0, smart city, cloud computing, etc.
Mature and top companies are foreseeing a high economic development to immediately seize an opportunity and thus attracting a huge flow of investments in the blockchain technology.
The innovative dynamism of this sector will add great wealth to the economy, even though it is still at an early stage of development.
From a political point of view, many nations are regulating the use of blockchain technology. Italy gave full legal validity to the blockchain through the decree containing urgent provisions on support and simplification for businesses and the public administration (article 8-tier: technologies based on distributed registers and smart contracts. Official Journal No. 12 of 12 February 2019).
For more details of the Italian developments in the blockchain technology, please check my articles in Italian at blockchainideas.blogspot.com.
The European Parliament has approved the “Resolution of the European Parliament of 3 October 2018 on Distributed LedgerTechnology (DLT) and the blockchain; creating trust through disintermediation.
The UAE government has come up with a draft document “UAE Strategy for Artificial Intelligence (AI) 2031”. They are integrating AI with the “Dubai Blockchain Strategy” in order to obtain more economic opportunities and create new innovative industries, thus achieving better government efficiency.
The Chinese government has launched the “Made in China 2025” strategy and published, “Blockchain — Leading Cadre’s Reader” – a guidance document to accelerate China’s economic development.
Above are some of the examples of what is happening in the world in relation to the development of blockchain technology aimed at economic, social and environmental improvement.
Therefore, it is obvious that investors are attracted to those nations and those entrepreneurial realities that have strategic plans for the implementation of blockchain technology, together with the integration of other assisting technologies such as AI, IoT, cloud computing, etc.
It is obvious that the development of this economic sector is bringing and will bring an enormous flow of wealth to the nations who are serious and welcoming the blockchain investors and enthusiasts.
So, my next question is; how can we accelerate the introduction of the blockchain-economy in society to make it accessible to all?
Governments could create an investment fund aimed at companies (SMEs and large companies) that intend to implement blockchain and other adjuvant technologies in order to accelerate the development of these companies.
This can help in forming a blockchain-based entrepreneurial ecosystem that safeguards the economy, making it very competitive internationally. Definitely, this will have positive repercussions on a gross domestic product, reduction of taxes and duties, increase in tax revenues and improvements in public services such as hospitals, schools, infrastructures, welfare, etc.
The wealth that would derive from the investment fund and the economic development of the blockchain-based entrepreneurial ecosystem could in part be used to improve state welfare, through the activation of a “citizenship dividend” provided through a decentralized web platform.
I hope for the best.
Next; how to make it known on a larger scale?
How to distribute the enormous wealth fairly?