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Blockchain Technology in Taiwan: A Booming Business Opportunity

Author: Trevor Hsu
Date: April 9th, 2023

Introduction

Blockchain technology has been making waves globally in recent years, and Taiwan is no exception. The island nation has been at the forefront of blockchain innovation, with the government and businesses alike embracing this technology to improve efficiency, transparency, and security.

Government adoption of blockchain technology

Taiwan’s government has been proactive in adopting blockchain technology, recognizing its potential to improve public services and fight corruption. In 2018, the government launched the “Taiwanese Chain” project, which aims to create a blockchain-based platform for digital identity verification, voting, and more. According to Wei-Cheng Tong, director-general of Taiwan’s Department of Cyber Security, the government hopes that blockchain technology will “bring about more transparent and efficient services, reduce costs, and make public services more convenient.”

Businesses using blockchain technology

Taiwanese businesses have also been quick to embrace blockchain technology. One notable example is Foxconn, the world’s largest contract electronics manufacturer. In 2019, Foxconn announced that it would be using blockchain technology to streamline its supply chain operations. According to Jack Lee, the founder of Taiwan’s largest blockchain-focused venture capital firm, Foxconn’s move is “a clear sign that blockchain technology is not just a buzzword, but a technology that is already being adopted by mainstream companies.”

Another Taiwanese company that is using blockchain technology is Green World Fintech Service. The company has developed a blockchain-based platform that allows users to donate to charitable causes while also earning rewards. According to Jeffery Liu, the CEO of Green World, the platform “allows users to donate to good causes in a transparent and secure way, while also being incentivized to do so.”

Benefits of blockchain technology in Taiwan

The adoption of blockchain technology in Taiwan has brought numerous benefits to businesses and the government. One of the most significant benefits is increased transparency. Blockchain technology allows for the creation of a tamper-proof record of transactions, which can be viewed by anyone on the network. This transparency can help reduce fraud and corruption, and improve trust in institutions.

Another benefit of blockchain technology is increased efficiency. By using blockchain technology, businesses and government agencies can streamline their operations, reducing the need for intermediaries and saving time and money.

Conclusion

In conclusion, blockchain technology has become an increasingly important part of Taiwan’s business landscape. The government has recognized the potential of blockchain technology to improve public services, and businesses have embraced it to increase transparency, efficiency, and security. As Jack Lee, the founder of Taiwan’s largest blockchain-focused venture capital firm, notes, “Taiwan has the potential to become a global leader in blockchain technology.” With its forward-thinking approach to innovation, Taiwan is well positioned to take advantage of the benefits of blockchain technology.

Sources:

 

“Taiwan’s Blockchain Innovation,” Taiwan Business TOPICS, https://topics.amcham.com.tw/2019/06/taiwans-blockchain-innovation/
“Foxconn to use blockchain to streamline supply chain operations,” The Block, https://www.theblockcrypto.com/linked/46117/foxconn-to-use-blockchain-to-streamline-supply-chain-operations
“Green World Fintech Service Launches Blockchain Platform for Charitable Donations,” Business Wire, https://www.businesswire.com/news/home/20181112005111/en/Green-World-Fintech-Service-Launches-Blockchain-Platform-for-Charitable-Donations
“Taiwanese Chain project aims to create blockchain-based platform for digital identity verification, voting,” Taiwan News, https://www.taiwannews.com.tw/en/news/3405844