Blockchain technology has grown and evolved and is now building concepts that were not thought out at the start of the decentralized ledger technology. Such projects are like the one being undertaken by the Republic of Estonia. The project which is sponsored by the nation is building an e-Residency and it’s expected to build a digital nation for all global citizens. The virtual nation is very different from virtual reality and it has not been developed before.
The program development started in 2014 and is growing very fast. The program was intended for people who wanted to invest in Estonia without being physically available and also for location independent entrepreneurs.
Again this year Estonian government proposed its own cryptocurrency which will be called Estcoin. If indeed they build a national cryptocurrency then they would become the first nation to have its own digital currency. Their moves are however not coming without resistance. Estonia is part of EU where the central currency is euro. This makes everything hard for them since the European central bank is seeming against cryptocurrencies.
The country is, however, turning to digital platforms in an attempt to increase income per capita mainly through the networks that will be built through the e-Residence platform. This platform is intended to increase the number of startups and investors in Estonia and the world.
The system is built in a way that it will reduce immigrants will improve the economy. The e-Residence platform does not give immigrants’ rights, but it gives opportunities like company registration, online payment systems and banking and services.
The country believes in decentralizing entrepreneurship there will be location independence. Th program even has the ability to improve recorded as users and community response. Estonia has even proposed an ICO for the program. This is showing even government are doing away with the old operation methods and adopting technology like Blockchain.
The technology will even bring the country’s citizens closer to their government since it required a public-private partnership to coordinate the ecosystem. Blockchain technology is the future, and more countries are likely to adopt it. More to that if cryptocurrencies are adopted by governments, they would become mainstream.