Considered to be a leading nation in the adoption of blockchain technology, Estonia has shown the world the power of blockchain. Estonia e-residents and citizens are issued a cryptographically secure digital ID card powered by blockchain infrastructure on the backend, allowing access to various public and social services.
Citizens can verify the integrity of the records on a blockchain platform held on them in government databases. Earlier this year, Nasdaq successfully completed a trial in Estonia that will enable company shareholders to use a voting system based on blockchain technology.
Adoption of blockchain technology in Estonia’s healthcare sector has also allowed the country to secure its 1 million health records. Every access and update to healthcare records is registered on the blockchain, preventing any kind of medical fraud and making it completely impossible for hackers to hide their trail.
How Estonia adopted Blockchain?
Estonia announced itself as a leading country in the development of Blockchain-based services in 2015. It is remarkable that not only the commercial sector but also the government, giving the goahead for Govtech developments, has become interested in this technology: Public Notary (based on an already operating e-residency system) and the project on transferring medical records of the citizens of Estonia into the Blockchain.
The creation of E-residency was backed by several years of IT sector development and digitization. The country’s whole territory provides access to high-speed Internet and its socio-economic environment is quite attractive for highly experienced programmers from Belarus, Ukraine, Russia and even Finland. Specialists from the EU and US countries are also frequent guests because of low taxes.
Today, Estonia has become the fastest nation in the world when it comes to adoption of technology and one of the most favourable business destination. It has the most per capita start-up owners that majorly own to the development and adoption of blockchain technology that allows citizens of Estonia to open a company in just 180 sec (3min).
The Future of Estonia’s Start-up Ecosystem
The country believes that to increase budget and attract people able to work to the country, it is not necessary to make them live within its territory. It is enough to establish the proper conditions for business operation and support them with high-quality electronic infrastructure.
Estonia promotes blockchain entrepreneurs to attract skill, knowledge and capital for its digital services hub. The E-residency program has been started to cater those blockchain entrepreneurs who want to operate and start a business in the country remotely and quickly.
In Estonia, blockchain has already entered major sectors of voting, healthcare, residency etc. With the increasing interest in blockchain technologies, the Baltic state is positioning itself as a favourable destination for blockchain industry. As it progresses as a nation that continues to thrive on innovation giving its entrepreneurs much air to breathe, the day is close when we would see Estonia becoming a world leader in terms of technology and innovation.