Blockchain technology giving smaller countries the chance to leapfrog bigger rivals

SOONER or later, disruptive technologies find a home. The industry supporting blockchain and other distributed ledger technologies has become an international business, and an international race is on to establish blockchain hubs. Though traditional tech centres such as San Francisco and Berlin host blockchain firms, non-traditional technology hubs such as Singapore, Switzerland, Gibraltar and Malta are fast emerging as leading centres of innovation. Small jurisdictions are proving mighty when it comes to harnessing the power of this disruptive technology.

Smaller jurisdictions - whether city-states like Singapore, overseas territories like Gibraltar or small countries like Switzerland or Malta - are forever on the lookout for new ways to attract business and investment. By demonstrating their "crypto-friendliness", these governments have successfully attracted new residents, business and investment, expanding their tax base, making headlines, and burnishing their reputations as a result.

To stay relevant internationally, it is imperative for these smaller jurisdictions to remain competitive and seize new opportunities. As they cannot necessarily rely on large economies to make up for shortfalls in a given sector, smaller nations must be more proactive in growing and maintaining their competitive advantage in nascent industries. This includes promoting new technologies, capitalising on new business opportunities and adopting dynamic, innovation-friendly regulation.