Blockchain Localization: Bridging the gap between technology and world
)
Although blockchain technology was first formulated and present at the end of the 20th century, it became popular and widely discussed only in 2014, peaking in popularity in 2017-2018. The public's highest interest in this technology was the rise of ICOs (Initial coin offerings) when Bitcoin and other coins experienced significant growth and welfare. Look at the image below to see the correlation between interest in the blockchain and Bitcoin on the web.
)
The popularity of blockchain and its expansive implementation in different industries (2.8% of the world's population already uses blockchain) is explained by transparency, high security (the data is protected by cryptography, making it virtually unforgeable), high availability and reliability (because data is stored on multiple nodes worldwide), and high efficiency with reduced transaction costs.
To provide a precise example of this technology, imagine you and your friends have a common checkbook with all the entries. Each of you has an identical copy of this checkbook, and whenever someone writes a new transaction, everyone updates their copy. But if anyone tries to change a previous entry, everyone will notice because their copies will show the original information.
Blockchain is a perfect choice for the globalized world as it provides:
- Faster and cheaper international transactions (fewer intermediaries, faster processing of data;)
- Optimized supply chains (All participants can control the supply chain, and data can't be altered or tampered with;)
- Reduced bureaucracy (Automated flow and the use of smart contracts;)
Because of all the information above, blockchain localization is a necessary part of blockchain businesses working globally, and in this article, we will describe its importance and nuances.
Understanding blockchain localization
Blockchain localization involves adapting blockchain technology and related applications to support different countries' specific languages, cultural nuances, and legal environments. This process requires high accuracy since blockchain is often implemented in sectors with sensitive data and where the cost of errors can be high. The most popular industries it used are:
- Financial: Cryptocurrencies, international transactions, DeFi (decentralized finance.) The giants of the financial industry like JPMorgan, Bank of America, HSBC, and many more are using and investing in blockchain to speed up and protect transactions;
- Logistics and supply chain management: Deutsche Post DHL Group allocated €100M for blockchain implementation.
- Healthcare: The giant pharmaceutical company Novo Nordisk applied blockchain to enhance the quality of clinical trials (to ensure that the data has not been altered or tampered with in any way).
- Public and governmental services: Countries like Estonia, the United Arab Emirates (UAE), Georgia, Sweden, Australis, and Singapore use blockchain on the national level for cases like secure health records, government transactions, land registration, etc.
- Energy: Shell is using the blockchain to accelerate the energy transition.
- Education sector: The University of Nicosia certified the degrees through blockchain.
- Arts & Entertainment: The most famous example of blockchain technology in this sector is NFT, when artists can create digital art and present it, confirm copyright, sell it, etc., as NFTs.
The localization of blockchain-based companies, features, and applications makes them accessible worldwide, allowing users to fully exploit the technology's advantages. However, blockchain localization has its own pitfalls and requirements that should be considered.
Key components of blockchain localization
In this article, we don't focus on the general localization points like content translation, cultural adaptation, UI, and UX, which are also essential parts; instead, we describe blockchain parts exclusively. But we highly recommend reading our industry-related materials to get a comprehensive overview of the process for different industries:
Read more:
Smart сontracts localization.
These are coded and stored in the blockchain self-executing contracts. They are automatically executed after conditions are met, allowing the entire deal to be transparent and widely used in the financial, supply chains, real estate, and similar industries. The correct translation of smart contracts (including conditions and agreements for them) guarantees that all sides will be satisfied with the cooperation and that no language barriers will arise.
Cryptocurrency payment method localization.
Different regions' laws directly affect how your customers can trade or buy cryptocurrencies without the mining process. Platforms like PayPal, Stripe, and Payoneer are widely used in different regions. However, make sure that users from other countries that use alternatives to these popular platforms also have a chance to join. When discussing cryptocurrency payment localization, it is important to remember local regulations, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements. Ensure that your platform follows the security rules for different regions.
Wallets localization
Wallets are an inalienable part of the cryptocurrency industry. Their localization includes:
- Adapting security measures (2Fa, biometrics, etc);
- Regulatory data translation (terms, privacy policy, and compliance documentation);
- Documentation translation (guides, changelogs, FAQ, support, etc.);
- UI/UX localization (especially important for the languages with different directions like right-to-left or vertical scripts);
Local currency support
Ensure that the blockchain applications allow users to conduct transactions and convert various local fiat currencies within the platform.
To illustrate blockchain localization, we invite you to look at one of the examples - Binance . This multilingual platform supports more than 20 languages, including English, Chinese, Japanese, Korean, Ukrainian, Spanish, French, Italian, etc., and around 50 different currencies. Their design is adapted to different languages and their directions, and the multilanguage support team can help with the questions from different word corners.
)
How can Lingohub support blockchain localization?
As mentioned above, blockchain applications and services are complex solutions that are often used in industries with sensitive data. They also have broad functionality and documentation that should be adapted per region. That's why the solution for their localization should have a high level of protection, robust tools, and flexible integrations. With Lingohub, you will get the following:
- A centralized hub for localization. No matter how different your file formats are and how many team members are involved in the process, we can handle them all. Lingohub provides unlimited seats and projects and supports over 40 file formats to solve any localization challenge.
- Design-first approach support. We know that sometimes, design layouts require polishing when text is translated. That's why we provide an ability to "try on" the pre-translated to see which changes should be implemented from scratch. Read our article about the Figma plugin for detailed information.
- Automated workflows and flexibility. We provide automated workflows to automate repetitive tasks and allow the creation of a localization process that will be fully synchronized with the CI/CD pipelines.
- Robust CAT tools. Our features, such as translation memory, AI pre-translation, style guide, quality checks, glossary, and many more, accelerate the localization process without reducing quality.
- Transparency through all the processes. We offer a comprehensive overview of the localization progress and budgets. Gain insights into translation efforts, including word counts, translator performance, and applied efforts, to optimize workflows and improve efficiency.
This was only a minor part of how Lingohub can simplify your blockchain localization. If you want more information, arrange a short demo call with our team, and we will gladly consult you.