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Taiwan’s ambitious plans for blockchain technology integration
Bitcoin is over ten years old. Over these years, several cryptocurrencies came up but died out. Blockchain, the technology behind the currency has stood the test of time despite the flopped ICOs. A legislator in Taiwan, Jason Hsu intends to find ways to incorporate the whole country towards blockchain technology for more varied purposes than cryptocurrencies. Vitalik Buterin from Ethereum’s nickname for Hsu is apt, the “crypto congressman.” Hsu graduated from an entrepreneur to a congressional representative and wants to make Taiwan a blockchain developer’s haven.
In a candid interview with Jason Hsu, he reveals that before he became a congressional Representative, he was a tech entrepreneur. Hsu’s zeal to bridge the divide between government policies and technology is unmatched. His intention was to work towards ridding the system of all legal obstacles that prevent technological innovations from thriving. He ran for Congress and has since achieved several things in a short period.
2. How have Hsu’s policies changed Taiwan?
When China slapped a ban on ICOs in September 2017, Hsu took advantage of the ban to make Taiwan a better place for start-ups. He needed to make sure the legislation’s amendment included an expansion of blockchain and financial technology.
Jason says that our daily lives bear the impact of technology disruption. The current laws do not recognize this disruption, which the law’s amendment should consider. There is an urgent need for an atmosphere, which encourages innovations and their subsequent testing and integration into the system.
3. The sandbox
The sandbox launch, a brilliant innovation which encouraged better opportunities for tech start-ups. It ensured the start-ups came up with actual projects with solutions that worked on a larger scale, and they could actually develop technologies that the public could use.
Hsu has grand ambitions for the sandbox, which he feels could be of use in different government sectors. He feels innovations such as medical sandboxes can work very well if medical devices are tested and integrated into the digital health forum.
Jason Hsu’s passion for change has brought about many significant changes in Taiwan’s technological fields. The introduction of 25 projects in varying ministries has been a novel experience. Hsu is determined to oversee the implementation of blockchain technology such as the blockchain on drug tests, supply management, and legal records.
Hsu wants to ensure the blockchain usage within the government system goes up. He works with the different government sectors such as the Department of Education, Health, and Justice. This is to increase citizen awareness on how blockchain improves their lives via technological sophistication and efficacy.
Hsu’s other achievements apart from the sandbox have been the introduction of legislation on cybersecurity self-governing vehicle management and Artificial Intelligence (AI) leadership.
4. Why is Taiwan ripe for technological advancement?
Taiwan is more than ripe for this technological advancement. As far back as 1970, Taiwan was already far advanced in computer integration, electronics, and semiconductors. As a result, Taiwan has a wealth of experience and talented engineers capable of much more.
While many countries are still far behind in the development and implementation of blockchain technology, Taiwan is leaps ahead. Hsu’s vision is to develop Taiwan as a developer’s technological haven where innovators can pilot realistic blockchain projects.
The world is skeptical about blockchain. Hsu’s opinion is that the world over, everyone will always be skeptical. When the internet came out, no one thought it would ever amount to anything and almost everyone said it was a fraud. As a lawmaker, Hsu’s responsibility is to ensure that innovators get a fair playing field, where their creativity is nurtured and the rights of the consumer protected as well.
6. Start-up Proposals
In Taiwan, the Executive Yuan can propagate a different version of the same legislation. Hsu says the legislators have the authority to propose as well as draft laws, so there are usually various versions of legislation to go through and make decisions on. Hsu says the Executive Branch is very reserved and often, they have a shared initiative for development, but the pace is not on the same level.
Hsu is firm about his wish to create better opportunities for the youth. For him, he says, it is not how well he convinces his Congress colleagues to support him, but getting more start-ups to back his proposals. The star-ups have the capacity to put pressure on Congress and its officials to relent and respond to their demands.
Hsu’s work with the Finance Ministry and Financial Supervisory Committee on cryptocurrency and blockchain laws has escalated. The trio has come up with a commission on a parliamentary level for blockchain. This means there are legislators from different parties who work alongside each other to build a workable framework.
7. What can other countries learn from Taiwan?
Blockchain is only going to get better, Hsu says. Many people around the world are getting to learn and appreciate the technology. The idea is a novelty and it will take time for people to embrace it. Cryptocurrency can exist side by side with fiat currency. When viewed from a different angle such as the central bank view, cryptocurrency can provide a financial inclusion option.
Cryptocurrency can be a solution for economies in dire need of cash such as Zimbabwe or Venezuela. Cryptocurrency is a positive solution that can work well towards a better world.
Hsu is ambitious; he knows it will not be easy to change the global mentality. His wish is for increased cryptocurrency and blockchain enterprises that will leave a positive impact worldwide.
Jason admits we are at a crossroad in relation to human betterment and blockchain survival. His greatest desire is to see blockchain technology become available to the deserving people. Taiwan is rushing headlong into a blockchain future. In some years to come, blockchain technology will sweep over the world. There are huge gains to be reaped from blockchain and Hsu is adamant he is on the right path. He is convinced it is just a matter of time before the world’s governments embrace the technology.
About the Author
Jack is an accomplished cybersecurity expert with years of experience under his belt at TechWarn, a trusted digital agency to world-class cybersecurity companies. A passionate digital safety advocate himself, Jack frequently contributes to tech blogs and digital media sharing expert insights on topics such as whistleblowing and cybersecurity tools.