Taiwan Will Embrace Blockchain Technology by Incorporating it to its Central Bank

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Blockchain technology is one of the most promising new technologies. It can be used by institutions, governments and individuals. As other governments, Taiwan will start to use this technology in order to potentiate its Central Bank Operations.

Taiwan Central Bank to use Blockchain Technology

Taiwan’s Central Bank will now include blockchain technology into its operations. According to the new Governor of the Central Bank of Taiwan, Yang Ching-Long, for the first time blockchain will be used to power the bank’s operations.

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The governor has given his inauguration speech on Monday 26^th February, and has surprised the audience. The bank is thinking about using this technology to scrutinize the development patterns of the country’s financial industry. Besides that, transactions will be secured on every single step of the process.

Yu-hsuan Tsai, Investment advisor from Kaohsiung said about that:

“There is a clear race among countries to be the first to implement blockchain technology in their governing and financial systems. The countries who do it first are most open and adaptable to change.”

The new governor has encouraged to incorporate blockchain technology to enhance clarity, security and efficiency. Formosa’s Central Bank will be able to have more efficient procedures and processes, compared to other banks that do not use this technology.

The intention of Mr Yang Ching Long is to create a more inclusive platform that will facilitate payments and upgrade the infrastructure of the central bank.

Blockchain Technology is Being Adopted by Governments and Enterprises

The world is moving towards the adoption of blockchain technology in a larger scale. Different governments and enterprises all over the world are investing in developing blockchain solutions.

For example, the Dutch Government has more than 30 blockchain projects being tested. The intention is to enhance knowledge about blockchain technology and develop use cases for future real world applications of blockchain.

IBM and Maersk are also working together to build a new company that aims to commercialize blockchain technology. The two companies intend to help shippers, ports, custom offices, banks and other participants of the global supply chain track freight. The project has a lot of potential. Nowadays, the commerce industry faces difficulties regarding bureaucracy of different countries, ports, customs and enterprises.

“We see an opportunity to increase efficiency and timeliness for cargo movement. Even small improvements can have a substantial impact on global trade,” commented Marie Wieck, general manager of IBM’s blockchain team.

As the Central Bank of Taiwan, many other banks are using this technology, including Bank of America, JP Morgan, Santander Group or Citigroup Inc.

Institutions that do not embrace these technologies will see their efficiency reduced and will struggle in order to offer better services.

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