The application of blockchain continues to flourish in development across various industries in Taiwan. The financial sectors dominated most of the blockchain application in 2019, but as real use cases and financial regulations are coming to perfection, the industry will be able to branch out to new territories. Perhaps the next industrial revolution led by blockchain is coming sooner than we know.
Chen Mei-ling, Chairwoman of National Development Council, states that the blockchain industry in all countries is faced with three main challenges; one is the lack of conformity in the blockchain application ecosystem, then comes the inability to agglomerate the regulative authorities despite the intention, and lastly the adaptiveness of regulations across different countries. The establishment of a blockchain alliance can consolidate the ecosystem, promote public-private cooperation, and meanwhile encourage the “Blockchain + ∞”industry exchange and collaboration opportunities.
Amongst the members invited to join the NDC’s Taiwan Blockchain Alliance is international blockchain service provider, Maxonrow KYC Blockchain. Prior the event, a meeting was held between Maxonrow’s Global CEO Mark Homeier, Special Advisor Rafael Schultz, along with Hsu Yu-Jen and Yu Wan-Ju, both members of the Legislative Yuan, as they expressed their expectation from Maxonrow to lead more international blockchain projects to connect with Taiwan government authorities, to continue to promote the adoption of KYC Blockchain, and to become the driving force of Taiwan’s digital technology advancement and the power of transitioning.
Maxonrow is Proud to Join Taiwan’s Blockchain Alliance
Tracing back at the development of blockchain and cryptocurrency over the years, blockchain has evolved from a version 1.0 of cryptocurrency based platform, to a version 2.0 of smart contract integration. Until now, a version 3.0 blockchain platform is built to meet the demands of public governance and industrial application. Implementation of the KYC mechanism will be the cornerstone to the mass adoption of blockchain technology, while ensuring the integrity and privacy of information. There already exists several real use cases of blockchain by the government: academic record and certificate verification system by the Ministry of Education, cross-border transportation logistics clearance by the Ministry of Finance, preservation of digital forensic evidence by the Ministry of Justice, and the certification system of tea beverages by the Ministry of Culture, etc. As the government progressively create more use cases in various industry ecosystems, KYC blockchain also becomes an integral part of the entire scope of application. A transparent on-chain operating environment is the source of credible collaboration between governments and corporations.
During the Blockchain Alliance founding conference, Legislative Yuan member Hsu Yu-Jen stated that the formation of the Blockchain Alliance is a resemblance of leadership in blockchain, as well as the effect of innovative technology on national strategy. Several countries including India, Switzerland, Dubai, etc., have already begun targeting industry pain points with the help of blockchain. However, regulatory restrictions are still the most troublesome challenge that many governments must overcome in the face of blockchain.
Hsu also exemplified how Facebook’s cryptocurrency, Libra, also encountered various obstacles before going online, the focus right now for the blockchain industry is to figure out how to comply with regulatory authorities. The concept of “regulatory compliance/audit” became the emphasis in many of the summits and academic forums held in 2019. Coincidentally, Maxonrow’s system is implemented with the concept of KYC and AML from the ground up. Aside from regulatory compliance, consumer protection is one of the core tenets of Maxonrow, everyone can transact with a peace of mind because the Sunshine Chain guarantees that all the anonymous users on the blockchain are credible and real.
KYC Internationally Acclaimed Supports Alliance To Link Blockchain Worldwide
Recently, the European Union officially established the International Association for Trusted Blockchain Applications (INATBA) as a platform to assist the government agencies in horizontal communication between EU and blockchain providers in order to broaden the scope to the blockchain startup industry and government dialogue. A letter of invitation was sent to the National Development Council on July 10th, imploring that the establishment of Blockchain Alliance will help Taiwan reach out and connect with the world.
Prior to networking with INATBA, Maxonrow has already publicly announced the support received by organizations of the United Nations and the 173 countries represented by its behalf during Maxonrow’s global launch in March 17th of this year. In April, the team attended the first World Digital Economy Forum held in Davos, while advocating KYC blockchain as a compliant and innovative tool for digital economies around the world. Dr. Wiboon, senator of Thailand, traveled to Taiwan to show his support for Maxonrow’s KYC mechanism at the global launch event. He believes that financial crimes can be prevented and eliminated through KYC by providing effective management of digital finance for the government.
Maxonrow’s Special Advisor Rafael Schultz emphasizes that 2019 is a critical moment for the application of many blockchain projects. Contrary to its western counterparts, governments of Taiwan and several Asian countries are more diligent when it comes to executing a regulation. Being able to gain support from international organizations and establish dialogue with the government is one of many reasons why Maxonrow is at the forefront of the industry. After the event, Maxonrow Global CEO Mark Homeier expressed that as international awareness for KYC and AML concepts grow, KYC Blockchain technology is gaining international recognition. He adds that Maxonrow will continue down the path to become a better provider of quality and transparent blockchain, to connect more local industries to its national government, and to practice our corporate responsibility to more effective regulatory oversight.