Countries where the blockchain has the biggest potential

blockchain in Europe

The development of the world has been based on the wealth generated throughout a certain period of time for centuries now. The approach and the framework have both been quite straightforward and visible for a long time. However, today, the industries are becoming much more complex amid the high rate of digitalization globally. The structure of various sectors is changing significantly, focusing much more on accessibility and inclusivity than anything else.

The financial industry’s affection for digital technologies is one of the results of this major transformation, occurring all around the world. The sector is nothing like what it used to be a few decades ago. The financial services are available on the internet, through mobile phones and web platforms. Performing different types of financial operations no longer require getting to the physical bank branch when the office is available at your disposal on a smart device.

The change has not only affected the banking industry but many others within the global economy. The scale of the transformation is much bigger as countries from Sweden to Japan are pushing the idea of rejecting cash. Just a decade ago, the idea of a cashless society would have sounded simply insane. 10 years on, we are closer to making it a reality than ever before.

Those changes do not only impact businesses and individuals affiliated with the financial industry. Rather, they push a change within other sectors, such as hospitality, services, and even farming or manufacturing. For instance, paying without cash needs certain infrastructure and every facility that wants to accept this quite popular means of financial transactions needs to adapt quickly and thoroughly. Some businesses are even going completely cashless whilst exclusively online banks, dubbed ‘neo banks’, are becoming more and more popular.

Regardless of the major changes that have occurred over recent years, one has attracted more attention than any other. The year 2009 became of particular significance for the entire world as the first decentralized, blockchain-based cryptocurrency, Bitcoin was launched. It did not gain momentum immediately, much like other innovative ideas that failed at first. However, in 2017, the value of Bitcoin on the market exceeded a landmark bar of $10,000, starting the global history of the crypto industry. Ever since, the niche has attracted unprecedented media attention, with specifically crypto-oriented media outlets being created globally.

The crypto era and what has it changed in the global economy

Today, Bitcoin is not the only cryptocurrency taking over the world. While remaining the most significant one, others, informally called ‘altcoins’, stand as rivals to the dominant currency. The popularity of the industry is growing each and every day as a soaring number of countries recognize them as a legitimate means of financial instruments. As a result, one can now even take money out of the specially designed crypto ATMs, located in many places all around the world.

Blockchain technology has shifted the perception of anonymity within the financial world. Beforehand, everything was heading towards a very unsafe path but the technology managed to make a turn. Transparency, speed, and convenience are just a fraction of the benefits blockchain have to offer. But which countries have the biggest potential with Blockchain? Are they the leading economies or smaller nations that are rarely seen?

Georgia – the Caucasus nation with huge potential

Many people simply overlook the Caucasus region, thinking that it is too insignificant to care about. In the meantime, the Caucasus state of Georgia is growing rapidly, implementing tech innovation, and supporting Blockchain businesses. According to experts from a leading finance analysis outlet in Georgia, the country is expected to implement further innovation in the financial sector. The country’s government wants Georgia to become Estonia of the south, implementing radical innovations in the state and commercial sectors.

On the other hand, Georgia has become the leading crypto-mining hub in the world. Near the capital Tbilisi, the windmill power station is supporting a massive bitcoin mining farm. The facility belongs to the company called “Bitfury”, headquartered in Amsterdam.

Estonia – the Baltic leader in the tech field

Estonia is located in the north-east of Europe, on the shore of the Baltic Sea, and is one of the three nations forming the group of countries called ‘the Baltics’. After the collapse of the Soviet Union, Estonia has become one of the leading countries in Europe and beyond, investing heavily in digital technology and innovation. Today, Estonia is also leading the way in terms of Blockchain technology and its use in different sectors.

The Baltic nation became the first country in the world to introduce the Blockchain-based e-residency program. This bold step became the statement from the Estonian government that they support the innovation and are ready to adapt at the governmental level. They also have introduced a blockchain-based e-voting system whilst the vast majority of governmental services, that operate 24/7, are also ensured by the Blockchain technology.

In general, Estonia is a digital society. The government is practically web-based and all of its services are primarily digitalized. Besides what Estonia has already done to make a shift towards a more blockchain-friendly society, it is also planning on introducing more novelty in the future. Therefore, Estonia most certainly is one of the most promising countries when it comes to the Blockchain technology potential in the future.

The United Kingdom – a leader in innovation

Britain has long been a scientific and research hub of the world. Some of the biggest innovations were born in the United Kingdom and they are not afraid of the future ones. Britain made the first real steps towards forming a fairer environment for Blockchain companies in 2016 when the government announced the welfare payment scheme that uses Blockchain as the security measure.

Besides, the country has the second biggest number of Blockchain companies in the world, overtaking much more populous nations. A group of professionals is even working on creating the world’s first ‘Blockchain University’ in Britain.