5 Ways Technology Has Transformed the Private Sector

Three key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Technology has created changes in all aspects of world including business. It has transformed the private sectors in several key ways. The following contributed post is entitled, 5 Ways Technology Has Transformed the Private Sector.

* * *

Technology has dramatically affected our daily lives from portable telephones to self-driving cars and even cashless systems. The relationship between technology and business is an ever changing phenomenon that is both interesting and intriguing. Through this relationship, companies have found new and improved ways of carrying out their activities. This article takes a look at five ways technology has transformed businesses in the private sector.

1. Reduction in costs

Image Credit

Technology is an excellent investment for businesses, and these investments have created a phenomenon in companies known as business process automation. What this means is that human interference is not necessary for the processes and operations of the business. There are many software programs, machinery, and other tech solutions that help companies complete their tasks. These solutions are faster than humans and do not require much financial support- like wages (or an increase) and other forms of financial aid.

2. Improvement of communication

There are so many ways in which businesses can reach out to their current and potential customers. Social media platforms like Facebook, Twitter, and Instagram have all created features which can be favorable for companies, helping them improve their customer care service. There are also some tech solutions, like live chatbots on company websites, which allow many companies to be more responsive. For example, if you should have a flood disaster in your area, it may take a while for an ambulance to get to you. But, a commercial water damage company might be able to give quick response time due to their advanced communication technology.

3. Increase in efficiency and quality

Unlike human beings, technology allows for faster processing of data and easy retrieval of information. Humans make mistakes, even when performing repetitive tasks, and also tend to consume time. But these issues are removed when technology takes their place. Such a thing usually happens in the manufacturing business, and many factory hands are replaced by machines to improve the efficiency and the quality of the products made.

4. Improvement in security

Security is a vital component in the operations of businesses, and technology has played a crucial role in its improvement. Facial recognition systems, fingerprint scanners, retina scanners, and secure software algorithms are some of the developments technology has made in security for safety at the workplace. With these improved security systems, the business can run safely with little fear of experiencing a breach in security such as theft or a leak in sensitive information.

5. Increase in productivity

Image Credit

Machinery does not necessarily have to replace humans for the business to be productive, but technology can help employees to be more productive. One of the significant elements of productivity is time management. With computers, data can be retrieved and processed faster, giving employees the time to work on other things- meaning that more tasks are done in a day. Alongside this, though, the right machines can also have a dramatic impact on productivity, with options like stainless steel fabricators making it much easier to work with challenging materials.

With technology, the private sector is experiencing a great advantage, and the improvements in the various components of business make technology a worthy investment to make.

With technology, the private sector is experiencing a great advantage, and the improvements in the various components of business make technology a worthy investment to make.

Technology Is Finally Pushing Down Healthcare Costs. Thank Goodness

Two focuses of my blog are Health/Wellness and Technology. Many illnesses and conditions that made life unbearable a century ago are now treatable and curable due to technology. What’s also true is that our new medical technologies are driving down the costs of healthcare. The following contributed post is entitled, Technology Is Finally Pushing Down Healthcare Costs. Thank Goodness.

* * *

Experts evaluating the costs of healthcare tell us that it is nothing but up, up, up from here on out. The prices of advanced technology combined with an aging population mean that we have no choice but to bite the financial bullet. As the health of the nation deteriorates, the cost of medicine will go up. There’s no way around it.

But is this the whole truth? Is there really nothing we can do to push down the cost of healthcare?

Pixabay – CC0 License

It turns out that technology may hold the answer to the problem. While it is still early days, there are indications the tech – as applied to the medical industry – will likely have the same effect as it does everywhere else: namely, bringing costs down.

Telehealth Brings Down Costs Tremendously

Imagine if you could connect with a doctor and talk to them via the internet, no matter where you were in the world. A technology like that could dramatically bring down the costs of medicine.

Think about it. When doctors operate using telehealth systems, they no longer have to be tethered to an expensive clinic. Instead, they can work from wherever they like, eliminating transport and overhead costs. There’s no longer a need to charge fees to pay rent or anything like that. It is just a direct transfer of services via the world wide web.

Furthermore, Delaware County telehealth research indicates that there is no substantive difference between in-person and online appointments. Patients get the same quality of care, regardless. So could this be a technology of the future? Almost certainly.

Anti-Aging Medications Could Prevent Disease

Experts believe healthcare costs will spiral out of control in the coming years because of the aging population. As millennials retire, they will get all the same expensive health conditions as boomers, and the nation’s finances will deteriorate.

But that logic assumes that aging is an inexorable force we can do nothing about. It is not. In fact, there are already techniques that you can use to improve the chance that you will live considerably longer than otherwise.

Basics such as diet and exercise are one option. But researchers at Harvard and The University of California are making headway in their quest to find chemicals that tap into anti-aging pathways. You can already buy a bunch of supplements based on the technology through Amazon, and many of them stand a good chance of working. It is the closest thing we have right now to a fountain of youth.

Cheaper Diagnostics Improves Efficiency

Diagnosing patients is costly. Doctors have to take samples and then ship them to expensive labs where paid technicians carry out the tests. The whole process is long and time-consuming.

The emergence of cheap diagnostic devices, however, could change all that. Instead of requiring an entire lab, technology miniaturized it down to the size of a large office printer, thus reducing the cost. Physicians can then take samples, feed them into the machine, and get an output they can interpret for diagnosis.

Now, doesn’t that sound like a brighter future?

3 Useful Household Gadgets That Can Improve Your Life

A key focus of my blog is Technology. As the years go on, there will be more and more new and novel technologies that will have the potential to improve our lives. Some will be created for used in your homes. The following contributed post is entitled, 3 Useful Household Gadgets That Can Improve Your Life.

* * *

Image Link (CC0 License)

There’s a lot to love about technology. In so many ways, technology has made our lives better. For me, one of the key ideas behind this is that we have so much accessible technology these days. What I mean is that we can bring gadgets and tech into our homes with ease. A lot of the tech that we use has actually been around for ages. The government, top scientists, military – all the people in charge – had access to it before us. It’s just that the technology was too advanced to make it to the consumer market.

Now, we’re at a stage where loads of incredible tech is available to us. As an example of what I mean, let’s look at some highly useful household gadgets that can improve your life:

Biometric security locks

Biometric technology is something we used to see in the movies. People would walk through top-security buildings and need to scan their fingerprint or retina to open a door. Nowadays, you can adopt this approach at home!

That’s right, a biometric lock for your door can easily be installed. It adds a new layer of security to your home, making it harder for anyone to break in. Some people use this on front doors, but you can use it to secure your home office or garage.

Weather stations

Who’d have thought that you can literally run your own weather station at home? There are gadgets out there that tell you all you need to know about the weather. You can place them outside, pair them with weather station cameras for added security, and get all the info sent to an app. The precise temperature is detailed, as is the barometric pressure, humidity, wind speed, and so on.

How does this improve your life? Well, it allows for more accurate planning around the weather. If you’re doing activities that are weather-affected – like fishing or gardening – then this tells you some vital info. Likewise, some people who suffer from hayfever can use weather stations to get a view of the pollen count.

Robot cleaner

We’ve not quite reached the stage where C3PO-esque robots are doing tasks around our home. However, we do have little robot cleaners that cleverly hoover up dirt and dust. They use motion sensor technology combine with artificial intelligence to know where to clean. Plus, they’re small and affordable, which is always good to see in a household gadget.

It’s clear how this gadget improves your life! Spend less time cleaning your home and let this little robot do it for you. Thus, you maintain a clean and tidy home without exerting lots of effort.

There are three examples here of household gadgets that improve aspects of your life. All three of these have been around for a while now. So, who knows what the next stage of household gadgets will bring. AI is a massive thing at the moment, which is why things like Alexa are so popular. If I were to make a prediction, I’d say that households can expect advancements in AI gadgets over the coming decade.

Technology Has Made Our Lives So Much Better!

A key focus of my blog is Technology. All around us things are changing and new technologies and innovations are emerging. While there is concern that our new technologies have had some unforeseen consequences, there’s not doubt that they improved our qualities of life. The following contributed post is entitled, Technology Has Made Our Lives So Much Better!

* * *

Image Source

There’s a great deal of doom and gloom spouted about the modern world these days. People love to talk about how terrible things are and how much better they were in the “good old days.” It doesn’t even usually matter whether or not things are actually worse now than they used to be. What matters is that now things are different, and for a lot of people different is scary, which means that it seems inherently bad. Of course, there’s one thing that gets more of the blame for the decline of modern society than anything else, and that’s technology. Every day there are pieces coming out about how technology is rotting our brains and turning us into selfish, depressed zombies. It’s ruining communication, literature, families; you name it! If there’s a part of life that technology has entered, then someone out there is going to complain that it’s ruined it. Well, that’s all complete nonsense! Society hasn’t fallen apart and, if it has, it’s certainly not because of technology. In fact, for the most part, technology has been an extremely good thing for a lot of people! Here a just a few ways in which technology has made people’s lives better.


For a lot of people, the idea of being able to break out of their everyday work life and pursue something that they’re truly passionate about has always been nothing but a distant fantasy. The sheer amount of money and time required to strike out on your own meant that a lot of people simply never bothered to think about it seriously. But with the rise of the internet, it’s never been easier to set up your own business and get out of the standard office grind. These days, even the smallest business has the chance to reach out to a customer base of millions. With the help of technology, you can set up an entire business, including website, social media, point-of-sale, accounts and everything else that comes with it from the comfort of your own home. Even manufacturing has become more accessible since 3D printing can create almost any product. It’s put the power back into the hands of small business owners that, for the longest time, have been shoved out by big corporations with more money to spend on fancy marketing gimmicks.


When was the last time you sent a letter? A lot of people talk about how sad it is that we don’t write letters to each other anymore, but they seem to be forgetting just how much of a hassle that can be. You write something, and then you wait for days (even weeks!) for it to get to where you sent it. Then you’ve got to wait even longer for a reply. These days, with the help of technology, we are still writing to each other. The only difference is that whatever we write is sent or received almost instantly. This means that it really has never been easy to communicate with other people. Not only that but it doesn’t matter how near or far they are. Someone could be on the other side of the world and you can still talk to them in exactly the same way that you talk to your friend who lives down the road. Whether it’s messaging, Skype or anything else, far from keeping people apart, technology has allowed people to come together in ways that they’ve never been able to before.

At the end of the day, technology isn’t good or bad. It’s just another tool for human beings to use however they choose. If people decide to let technology take over their lives or to use it to hurt each other, then that’s not because of the technology, it’s because of people. As long as we treat technology with respect and a sense of responsibility, there’s really no telling how far it can take us. It has the power to bring people together, improve our lives and make the world a better place for everyone.

6 Ways Has Technology Has Improved Healthcare

Two focuses of my blog are Health and Wellness and Technology. Technology has significantly changed healthcare from what it used to be. For patients, healthcare practitioners and even investors, it’s important to understand these. The following contributed post is entitled, 6 Ways Has Technology Has Improved Healthcare.

* * *

Technology continues to improve every day, so much so, it can be hard to keep up with it. Many of these technological advancements are within healthcare. Without access to this new technology, our lives would be completely different. It is making it easier for doctors to give patients diagnoses, reducing the length of procedures, and helping people to live longer. Below are several ways that technology has helped, and continues to help, improve healthcare:


Access to information
The information that ordinary people can get access to has increased due to the internet. Instead of visiting your doctor for every issue, you may be able to find treatments and advice about minor illnesses and injuries online. It is not something that should replace going to the doctor altogether, but it allows patients to take control of their health. You may be able to follow the advice that you find online, and then if your symptoms do not get any better, visit the doctor. The internet is also a useful tool for doctors and other medical professionals. If there is something they aren’t sure about, or they want to know more about, they can take the time to research it online.

3D Printing
3D printing is becoming more and more useful in healthcare. It can be used for many things, including implants, prosthetics and even synthetic skin.
Using 3D printing for prosthetics is great because it provides a low-cost prosthetic option for those who need it. Traditionally, making prosthetics is something that can be very expensive because they have to be made specifically for an individual. With 3D printing, it can be personalised to the individual for a fraction of the cost, in a fraction of the time.
3D printing is something that is going to continue to develop and revolutionise many different aspects of healthcare.

Less invasive procedures
As technology has advanced, there have been significant developments made to surgery and other medical procedures which have made them less invasive. In the past, having surgery would have come with high risks and long recovery times, but now in many cases, the opposite is true. There are now procedures that can be completed with keyhole surgery or laser treatments. They are much lower risk, and the recovery times can be reduced significantly.

More accountability and efficiency
The advent of electronic databases means that your medical history and records can be easily accessed by a medical professional that needs to treat you. They will be able to see the results of any tests you have had in the past, illnesses or injuries you have been diagnosed with, and any medication you have been on. It is much more efficient than receptionists having to search through tons of files to get your notes. This electronic database also allows for greater accountability on behalf of the medical professional. Everything must be adequately documented and ailments properly dealt with so that there are no cases of malpractice. If someone needs to investigate any malpractice accusations, it is easy to do with electronic medical record audit trails.


Improved detection methods
All the tests that are used in healthcare provide so much information that it is now easier than ever to diagnose exactly what the issue is and find the best solution to fix it. Medical professionals have access to x-rays, ultrasounds, MRI’s and other imaging devices that can help them to see what is going on inside the body. Many can help to detect problems earlier than other methods, so treatments can be given to prevent issues from getting worse, or with more success and less risk.

Access to wearable technology
If patients visit a doctor with a condition that needs to be monitored, many can now be monitored from home. If a patient has a suspected heart condition, and they need more information that an EKG can give them, they may be asked to wear a small device that will monitor their heart’s activity over a certain period of time. During this time, the wearer can go about their normal, everyday routine while still having their heart rate and rhythm monitored.
There are even watches that people can buy to monitor their health and fitness and encourage them to be more proactive about their health. Many will record the number of steps that you do everyday and detect how active you are by monitoring your heart rate. Some can even monitor your sleep. Knowing this information can help people to make positive decisions for their health.

How To Keep Up With The Latest Advancements In Technology

A key focus of my blog is Technology. Technology continues to evolve, and our lives with it. Falling behind in the latest technologies can adversely impact our lives and it’s thus important to keep up the new advances. The following contributed post is entitled, How To Keep Up With The Latest Advancements In Technology.

* * *


Keeping up with technology isn’t easy because it’s also changing, and new advancements are happening daily. It takes dedication and effort on your part if you want to be in the know of the latest enhancements and trends.

It’s not only beneficial for you to know about technology for your professional life but can also be useful in your personal environment as well. Enjoy learning and trying to dissect all the latest and greatest information and updates. Experiment with technology yourself to help you get a better feel for it and so you can expand your knowledge.

Explore Different Industries

One way you can keep up with the latest advancements in technology is to explore what’s going on in different industries. Avoid sticking to only what you know in the business you work in and find out what others are up to across the board. For example, there are now self-driving cars, and 3D printing aircraft parts is a growing field and worth taking the time to learn more about if you want to expand your awareness and understanding. A lot is happening in the world, and businesses everywhere are trying to keep up with the most recent developments to help stay ahead of the competition.

Follow Influencers & Business Leaders on Social Media

Another way you can become well-rounded on the topic of technology is to follow influencers and business leaders on social media. These experts are always sharing new updates and nuggets of knowledge that you can digest, and that will allow you to understand how technology has changed our lives. It’ll be so exciting to discover what the best and the brightest innovators in the field have to say when it comes to the latest advancements in technology.

Attend Related Events & Expos

There are a lot of technology events and expos occurring all the time. Buy yourself a ticket and go check out the discussions among these groups of people. Keep up with technology enhancements by going to see for yourself what’s rolling out next and what you should be aware of, and they’re working on next. It’s your chance to mix and mingle and ask questions with those who know what they’re talking about and can give you expert advice.

Make Time for Daily Reading

One of the best ways to learn and take in new information is to read daily. There are so many excellent resources out there for you to take advantage of and seek out. For example, there are tech blogs on the Internet or books at the library that are chocked full of useful data and information to help improve your base knowledge and foundation. Read about what companies are doing when it comes to technology and how they’re upgrading their business practices and products with it.


Technology can be tricky to grasp at times, and it’s hard to keep up with it because it’s always changing and evolving. These suggestions should help you to increase your knowledge and allow you to better understand what’s unfolding and what the experts are working on currently.

Tech That Can Help Keep Any Workplace Safer

A key focus of my blog is technology. Management at any workplace must always think about ways the keep their workplaces as safe as possible. In today’s digital age, technology has given us an abundance of tools for doing so. The following contributed post is entitled, Tech That Can Help Keep Any Workplace Safer.

* * *

What’s most important when it comes to keeping the rate of injuries and accidents low in any workplace? Is it effective and thorough human observation of the risks and strategic planning around them? In part, yes, but that’s not to say that technology can’t play a role in helping keep your team safe, as well.

Photo by Mimzy – Pixabay License

Aside from being useful for retail store security, CCTV can also go a long way in ensuring the physical safety of your employees, especially if crime or assault is of any concern. CCTV can increase staff comfort and make them feel safer in the workplace and in surrounding spaces, such as car parks or stairwells. Furthermore, they act as a very clear deterrent to crime.

Not just talking about security alarm systems, alarm equipment in general can be very helpful to bringing attention to hazards and encouraging your team to react responsibly to them. Of the two types, choosing between a buzzer vs speaker is all about determining your needs. Buzzers can be useful for immediately bringing attention to a nearby fault, such as a malfunctioning machine, so trained individuals can react appropriately. Speakers are better for communicating information, such as the particular aisle or area a spill or incident has happened in.

Safety apps
It’s not all hardware you should be thinking about, either. Health and safety data technology is playing an increasing role in recognising the risks that your team might face in the workplace. These apps can help you make checklists for safety, file hazard reports, and record information is an accident does happen. As such, they can help you become more aware of incidents that happen more regularly, allowing you to react and create a safety policy around them more quickly.

GPS systems
The workplace doesn’t always have to be in an office. If you have a fleet of vehicles, then the road is your workplace just as much as anything else. If that’s the case, then GPS and fleet management technology can be crucial for ensuring your drivers’ safety on the road. You can not only track their route but pay attention to any habits that could potentially put them at risk, including speeding, and crack down on drivers that fall into such habits.

Wearable tech
If you’re hoping to create a healthier team for a more reliable workplace, then looking at the tech that they could be wearing on their person might be an investment worth making. These devices can track a range of details, including monitoring their vitals, and can be set up with reminders such as when they need to take a break or get up and stretch to avoid ergonomic injuries.

Tech can help you make the office a much safer environment, but never think that you should rely on it, alone. Training your team to recognize safety hazards in the workplace and making an effort to address any common risks with effective police and practices is number one. The tech above can help, but it can’t solve your problems.

Technology Is Changing the Patient Experience

Two key focuses of my blog are Financial Literacy/Money and Technology. As with all sectors of life, technology is changing the patient experience. While technology is literally changing patient, it’s also impacting the ancillary aspects of the patient experience as well. The following contributed post is entitled, Technology Is Changing the Patient Experience.

* * *

Image from Pixabay – Pixabay License

Healthcare is one of the most important services that anyone will ever use and that any organization can provide. Healthy people are essential for a healthy society, so people need to be able to receive the healthcare that they require. For medical and healthcare providers, meeting their patients’ expectations and providing them with satisfaction is vital. The patient experience needs to be continually improving so that patients are happy with the care they receive and choose to remain with their healthcare providers for any future needs. Technology can help to improve the patient experience in a number of excellent ways, and is still developing to become even more useful.

Apps for Keeping Patients Updated and Engaged

Communicating well with patients is essential for any healthcare provider. Patients need to feel that they understand what is happening, and why things are happening too. Their family and friends also want to remain updated on their progress. At the same time, they need to know that any of their patient information is kept private and won’t get into the wrong hands. Apps like Ease are helping healthcare providers to improve Press Ganey scores with better communication. They can allow for messaging between doctors and patients, as well as their families, keeping them updated.

Image from Pixabay – Pixabay License

Reducing Medical Errors

Medical error could be responsible for hundreds of thousands of deaths each year in the US. One reason serious medical errors could occur is if the doctor or other healthcare providers don’t have the necessary or correct information about the patient, medication or other important factors. Technology is helping to change this, with digital tools that make it easier to record and keep track of this vital information. For example, platforms for managing electronic prescribing and medical alerts can help to reduce errors and improve patient safety.

Make Care Easier to Access

Healthcare can also be made easier to access using technology today. One solution is telemedicine, which allows the use of apps, video calls and other tools to provide some types of healthcare to people online. Convenience is a huge factor in people’s interaction with any type of service, and that includes healthcare. If healthcare providers are far away or don’t have convenient appointment times, patients may be reluctant to engage with them. However, technology can offer a more accessible and convenient solution. Tech solutions can provide communication using several different channels to suit the patient.

Image from Pixabay – Pixabay License

Monitoring Health

Some healthcare providers are also using technology to help their patients monitor their health. For example, it’s possible for doctors to ask patients to wear a fitness tracker such as a Fitbit during the day. The patient can then share the data from their fitness tracker to show their doctor important information, such as their heart rate, oxygen levels, activity levels and other metrics that might be tracked. Some healthcare providers have their own apps to help their patients track various health measurements.

Technology continues to develop and could provide many more useful solutions in the future, with artificial intelligence especially offering some interesting possibilities.

Three Undeniable Benefits of Adopting AI-Powered Business Technology

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. The use of Artificial Intelligence (AI) is steadily growing. Numerous businesses are incorporating it as it has the potential to make operations more efficient and profitable. The following contributed post is entitled, Three Undeniable Benefits of Adopting AI-Powered Business Technology.

* * *

Whether your startup is the new kid on the block or you’re already a fully-fledged business, staying informed of the latest advancements in Artificial Intelligence (AI) technology is crucial if you wish to remain viable within your competitive industry and the ever-changing market as a whole.

Of course, embracing the latest technology in our lives does come at a cost. That said, there are tremendous benefits on offer, especially in the world of business, as long as we understand how to use technology without becoming dependent on it. Leveraging new developments in AI technology for business is a great way to streamline laborious processes and boost the productivity of your growing operation. Adopting new AI technology is also one of the primary ways to announce to the market at large that your business embraces innovation and change.

If you’re on the fence about adopting emerging technologies in the world of AI, this list of benefits for implementing the latest AI innovations could encourage you build AI into your business processes.

Image Source: Pexels CC0 Licence

AI-powered Cyber Security

If your startup isn’t investing in advanced cyber security, your data is exposed to threat. This not only risks your customers’ safety, but also puts the reputation of your business on the line. (These days, there’s nothing as bad for business as a data breach!) One of the biggest growth areas for AI is in cyber security, with market-leading technologies like Darktrace leading the pack. One of the main advantages that AI has over human beings is that robots never sleep—they don’t get tired, either. Cyber security is an area that has made great use of this feature, enabling 24/7 monitoring with the constant vigilance that is required to protect complex systems from ever-evolving threats.

Streamline Business Processes

Robots are not the only form of AI that have captured the imaginations of business leaders all over the globe. The variety of AI applications has gone way beyond science-fiction and become totally integrated into the day-to-day of modern business operations. As AI becomes more popular, the world’s top business leaders have started to leverage the most advanced forms of Artificial Intelligence (AI) to radically change the way—and the rate at which—some of the most essential business tasks are done. For example, AI has helped to reduce the role of human error by reducing the need for human involvement in repetitive manual tasks and processes. It has also helped to streamline procedures that were previously wasteful and time-consuming.

Image Source: Pexels CC0 Licence

Make Your Team More Productive

Harnessing the power of AI in your startup operations could significantly free up the hardworking members of your team so that they can accomplish more of the tasks that demand creativity and imagination—for example, design or strategy—which will help your business grow. AI-powered business technology covers an impressive range of business procedures, from HR to manufacturing and everything in between. If you’re wondering how AI could help your business, start by identifying what tasks are the most draining for your team. Whether you get an AI-powered Payroll system or invest in a virtual assistant, harnessing AI solutions is a great way to clear your schedule of repetitive tasks and make your team more productive.

Whether you’ve just burst onto the scene or your business is ticking away steadily, AI-powered technology could help supercharge your team’s productivity, improve your security, and streamline your operation.

Taiwan is Becoming a Blockchain Island, and Jason Hsu is behind it

Three key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Blockchain Technology is a technology that will impact numerous sectors is an area that’s worth keeping an eye for those the financial and technology sectors. In the first Blockchain Technology piece on my blog, I gave a comprehensive overview of the technology. The following guest post comes courtesy of Techwarn. It discusses plans to implement and grow the technology on the island of Taiwan and is entitled, Taiwan is Becoming a Blockchain Island, and Jason Hsu is behind it.

* * *

Image from pixabay.com

The world’s digital infrastructure, internet usage, and connectivity are changing rapidly. This is all thanks to the emergence of technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and Blockchain. Blockchain — the technology behind cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc. — in particular, is a very powerful idea. Just like the internet did in the 1990s, Blockchain has the potential to revolutionize our lives.

Although it was originally developed for financial transactions, blockchain technology can be used to record just about any type of data or transaction. This revolutionary technology allows the distribution of digital information without copying thereby creating a new kind of internet that seems incorruptible. The use cases of blockchain extend beyond cryptocurrencies, and many countries are still on the fence on whether to advance its adoption, with the exception of Taiwan.

Serious About Innovation

The east Asian island nation-state of Taiwan is serious about innovation in the fintech. The country is pumping millions of dollars into advancing the adoption of cryptocurrency and blockchain technology. Jason Hsu, a congressman in the Taiwanese parliament is working tirelessly to integrate blockchain on a national level and steer the state towards the use of blockchain technology for more than just cryptocurrencies. His goal is to help Taiwan become a blockchain island.

In an interview with Jason Hsu, ExpressVPN asked the popular Taiwanese parliamentarian how exactly he plans to transform the small island nation-state into a crypto and blockchain hub. According to Jason Hsu, the law is a major impediment to innovation in the country. The congressman wants to use his legislative powers to help create an environment that nurtures and cultivates blockchain and financial technology and attract more start-ups to the island.

Who’s Jason Hsu?

Jason Hsu is a former Silicon Valley entrepreneur who wants to turn Taiwan into a haven for people working on different applications for blockchain technology. Hsu moved back to the island in 2009 and started working with the government as the advisor to the prime minister on matters innovation and technology. He joined politics in 2016 after being nominated to the Taiwanese parliament as a legislator-at-large. In his role as a congressman, Jason Hsu focuses on technology broadly and does not represent any singular district.

Since he became a congressman, Jason Hsu has worked on legislation relating to autonomous vehicles, cybersecurity, and the digital economy. Currently, the man christened “the Crypto Congressman” by Ethereum’s Vitalik Buterin is on a mission to transform Taiwan into a blockchain island and cryptocurrency hub. Jason Hsu is working tirelessly to deal with any issues between public policy approach and technology. The ‘Crypto Congressman’ hopes to remove legal barriers to technology innovation in the island.

How Has Jason Hsu Changed Taiwan?

The blockchain landscape in the world remains highly uncertain. Countries such as Singapore and Switzerland have taken a proactive approach and have cultivated favorable environments for the advancement of cryptocurrency and blockchain technology. These nations are the pioneers of the current digital currency regulatory frameworks in favor of cryptocurrencies and blockchain technology. Taiwan wants to join the ranks of Singapore and Switzerland and become a blockchain island. Jason Hsu is leading transformation efforts.

As neighbors China and South Korea issue blanket ban on ICOs and ICO activity, Taiwan is moving in a different direction. Lawmakers in the island are passing legislation intended to encourage cryptocurrency and blockchain innovation in the island. Congressman Jason Hsu has played a pivotal role in the drafting and passing of legislation designed to advance blockchain and financial technology in the country. For instance, the legislator helped draft and pass Taiwan’s Regulatory Sandbox Bill.

The Financial Technology Experimentation and Innovation Act

Taiwan’s Financial Technology Experimentation and Innovation Act, popularly known as the Regulatory Sandbox Bill, is historical regulatory legislation designed to overhaul the island’s fintech and usher in a new era for the sector. The Regulatory Sandbox Bill allowed selected start-ups to launch new products and services with some immunity from existing regulation for up to one year. The bill was passed on 29th December 2017 and was a response to the decision by the Chinese government to block ICOs.

In September 2017, two months before the Financial Technology Experimentation and Innovation Act was signed into law, Chinese authorities banned Initial Coin Offerings (ICOs) by cryptocurrency websites in mainland China. Congressman Jason Hsu came up with the idea to draft the Regulatory Sandbox Bill to ‘capitalize on this chance to introduce friendly legislation that nurtures and cultivates blockchain technology and attract more start-ups to Taiwan.’ This move earned Jason Hsu the nickname ‘Crypto Congressman.’

According to Congressman Jason Hsu, the goal of the Taiwan authorities is to create a fair regulatory environment that encourages innovation and protects the rights of the consumer. The ‘crypto congressman’ believes that Taiwan’s large pool of talent can pilot and pioneer projects that can build actual applications for the blockchain and transform Taiwan into a blockchain island. Compared to Silicon Valley, Hsu notes that the island nation has a supply of cheaper engineers who are just as good — if not better — than their counterparts in Silicon Valley.

What About Taiwan That Makes It Ripe for Blockchain and Technology Development?

In addition to his contribution in the drafting and passing of the Regulatory Sandbox Bill, the congressman has drafted numerous policy recommendations to make Taiwan more friendly to blockchain and cryptocurrency start-ups. The ‘Crypto Congressman’ has helped create a bipartisan alliance designed to help support the blockchain industry. The parliamentary coalition is currently working on implementing a number of crypto and blockchain legislation in his quest to transform the tiny nation-state into a blockchain island.

So far, Congressman Jason Hsu says he has introduced 25 projects across different government departments to address the implementation of blockchain technology in areas such as drug testing and supply chain management. Authorities in Taiwan understand that blockchain has great economic potential and are doing their best to advance the adoption of cryptocurrency and blockchain technology. The positivity of Taiwanese authorities towards innovation in cryptocurrency and blockchain technology indicates that the island is ripe for blockchain and fintech development.