Bitcoin used to almost monopolize media attention on cryptocurrencies. However, since the beginning of the year, when the cryptocurrency market rally started, Ethereum has been getting more and more media attention. This is mainly because the company was able to effectively respond to the growing Interest in blockchain technology by governments and other official authorities around the world. This has differentiated the company and is one of the reasons that have sky-rocketed its price as investors see a lot of potential. The following paragraphs describe Ethereum’s effective response to official interest in blockchain technology.
Russia, Britain and Canada interested in blockchain technology
Russian President Vladimir Putin met with Ethereum’s founder Vitalik Buterin last week, during the Saint Petersburg #InternationalEconomicForum. The two men discussed the possibility of cooperation in implementing blockchain technology in Russia. According to Bloomberg, Russia may use Ethereum to develop its own national cryptocurrency. Bitcoin's biggest rival may also be used as a general ledger as currency contracts and property rights, among other things. This would bypass intermediaries and make business and trade easier and faster.
Based on a report by ETHNews, the authority in news regarding Ethereum, back in 2016 the British Government awarded a large contract of about £250,000 to Tramonex in order to develop a payment system among different currencies.
These payment systems leverage Ethereum’s blockchain. The National Bank of Canada has also joined the Ethereum Enterprise Alliance. The fact that banks are getting actively involved in digital currencies may attract investment from the many hedge funds that are still reluctant to invest.
Growing interest in Asia as well
Back in May, Ethereum was listed on Chinese crypto-exchanges OkCoin and Huobi.
Additionally, the Chinese Central Bank will soon announce regulation guidelines for blockchain businesses. These two factors create new opportunities for Ethereum in Asia. According to ETHNews, the Monetary Authority of Singapore has announced its plans to develop a Central Bank issued virtual currency, which will be supported by an Ethereum-based protocol.
In Taiwan, an Ethereum backed blockchain is already used in tracking food coming from organic sources to the consumers.
The significance
Ethereum’s blockchain has the capability to incorporate a very wide variety of uses, thus satisfying almost all needs that governments and other official authorities may have. This makes it very popular and gives it great potential for the future.
