Taiwan’s government has big plans for blockchain technology as it hopes to become a major destination for blockchain development. The country’s Financial Supervision Commission is collaborating with the National Development Council to utilize blockchain technology beyond the cryptocurrency market. During the 2018 Asia Blockchain Summit, FSC Chairman Wellington Koo and NDC Minister Chen Mei-ling discussed their long-term plans in using blockchain to develop the country’s infrastructure.
Taiwan’s Ambitious Plans
NDC Minister Chen reveals that they will be applying blockchain technology in nonfinancial areas, in hopes to improve energy management, public management, supply chains, smart cities and even digital entertainment, according to DigiTimes. Chen states that the Taiwan government will support the development of blockchain technology and at the same time help businesses incorporate it. According to her, Taiwan tech start-ups have started applying blockchain technology in a variety of ways such as incorporating it in systems involving hotel management, music copyrights, renewable energy and agricultural produce.
FSC Chairman Koo, on the other hand, expresses his plans on expanding blockchain technology into the finance department. Koo explains that the FSC will allow “maximum space” for fintech applications as long as innovation risks are managed and controlled well. The FSC also urges financial firms to utilize blockchain technology as a means to improve efficiency in their financial services.
The Expanding Blockchain Scene
Taiwan’s FSC and NDC departments are not alone when it comes to pushing and developing the country’s blockchain technology development. According to Microsoft, Taiwan Microsoft is teaming up with Digital China and Hot Cool in utilizing, applying and developing blockchain technology within the country. Taiwan Microsoft’s general manager, Sun Jikang, believes that the country has the perfect conditions for blockchain development and application.
Sun lauds the country for having first-class engineering and a wealth of talented specialists. He explains that Microsoft’s cloud-computing service Microsoft Azure helps their partner Digital China in coming up with commercial solutions. Furthermore, Microsoft Taiwan’s new tripartite partnership aims to use blockchain technology to make strides in the financial, entertainment and e-commerce industries as well.