In a recent op-ed published by the Taipei Times, Professor James Cooper offers his international business expertise to the oft-controversial conversation surrounding blockchain technology—commonly known as the backbone for Bitcoin. Along with co-author Dr. Michael Sung (keynote speaker at California Western’s upcoming Legal Ethics Symposium), Cooper asserts that Taiwan—with its innovative legislation that provides for blockchain regulations—is poised to become the digital technology leader in Asia.
“Blockchain technology is essentially a universally transparent ledger where distributed trade and services can be conducted without the need for the usual trusted intermediaries of the past,” writes Cooper. “The old world order of centralized services controlling all the data and mechanisms of business, such as HSBC, eBay, and Facebook, are gone.”
Instead, buyers and sellers may conduct business in a disintermediated marketplace, where new distributed business models and transactional transparency represent “internet 3.0,” and a severe uptick in market potential.
Cooper goes on to explore the rise of digital currencies in Asia, and enumerates the various regulations (or, in many cases, lack thereof) on cryptocurrencies in the People’s Republic of China, Japan, South Korea, and Hong Kong. “This leaves Taiwan with some space in which to operate and take a leadership position on cryptocurrencies and other uses of blockchain technologies,” he writes.
According to Cooper and Sung, strategies such as Taiwanese President Tsai Ing-wen’s “five plus two”—based on the understanding that the country can only manufacture so many touchscreens and semiconductor chips for iPhones—are evidence that Taiwan is ready to be the prime mover for digital technologies and new governance mechanisms in Asia.
To read the full op-ed, visit: http://www.taipeitimes.com/News/editorials/archives/2017/12/29/2003684818/1.