On Jul. 12, Taiwan's National Development Council (NDC) announced the launch of Taiwan Blockchain Alliance — a platform that aims to "enhance the connection between the academia, the government, and the blockchain industry," Minister Chen Mei Ling stressed.
NDC is a policy-planning agency of the executive branch of the government in Taiwan.
Chen said blockchain has been hailed by the World Economic Forum (WEF) as one of the emerging technologies in the fourth industrial revolution after World Wide Web, and it is the major driving force of digital economy.
Also, this year, around 40 blockchain-focused projects were chosen for funding in the angel investor program backed by the National Development Fund.
She believes as a widely-adopted technology, it will be the key to Taiwan's industrial transformation and upgrading.
The alliance acts as a bridge between the government and the private sector
"Regulation is the biggest barrier to innovation," legislator Karen Yu said. She urges the removal of such barrier to enable local companies to thrive in the global market.
This is in line with what Jan Fang-Guan, Director of Department of Industrial Development of NDC, said — there are a number of unresolved issues relating to regulation.
According to Chen, this is also one of the main concerns of the alliance — it is a platform for the government and companies to discuss how to regulate and implement the technology as well as possible forms of industry-academia cooperation.
Moreover, it serves to negotiate with government agencies at different levels to provide companies with necessary resources to propel blockchain development, including the locations for experiments.
This is a field on which public and private sectors need to collaborate, Chen said.
Meanwhile, in the alliance, the government will act as the bridge between companies and strengthen the connection between local and international blockchain industry.
Chen said the EU has recently formed the International Association for Trusted Blockchain Applications (INATBA), which has a similar function as the alliance. "On Jul. 10, it has also invited NDC to join," she later announced.
The formation of the alliance suggests that the government has started to regard blockchain industry as a concern of the state, legislator Jason Hsu commented. Although it is in an early stage of development, it will have the opportunity to flourish if more and more major companies start to invest in the R&D of this technology.