Estonia is the blockchain nation and e-government pioneer that understands and fully accepts data encryption technology among the first few countries in the world.
Boat’s Coin is going after the pre-ICO process to register their headquarters office in Tallinn, Estonia because Estonia is highly advanced in blockchain technology and has a regulated cryptocurrency laws.
On top of all, Estonia was the first country in the world that is considering adopting their own e-currency (“estcoin”). They have created an official proposal about that plans on highest EU level.
However, the President of the European Central Bank, Mario Draghi, rejects Estonia’s virtual currency idea. In short, European Central Bank is not interested in considering that any EU country is creating their currency aside from the Euro.
Estonia shows a bright real-life example of how governments can help unleash the full potential of blockchain technology.
Combination of blockchain technology verified identities, and policy framework is the key to the right digital future progress of humanity.
The smart policy framework
A smart policy framework encourages entrepreneurial activity and provides more excellent consumer protections itself.
For instance, we possess the technology to regulate whoever has access to your information, carry out e-voting or digitally sign documents. However, those things are not useful unless they have a policy framework to guarantee that inappropriate access of information is reprimanded, e-votes are counted, and digitally signed agreements are legally binding.
Verified online identities
Even without the legal requirements, blockchain pioneers face high costs to verify who they are dealing with online and also high risks if they get it wrong. A secure government-backed digital identity would help simplify the “know your customer” process.
This all already exists in Estonia, but we also need to understand that Estonia’s domestic market is pretty small, around 1.3 million people. The positive thing about it is that those Estonian secure government-issued digital identities are now accessible worldwide through e-Residency.
For example, there exist the technology to monitor who is accessing our data, digitally sign documents or conduct e-voting, but those things are useless without the policy framework to ensure improper access of data is punished, e-votes are counted, and digitally signed agreements are legally binding.
Fortunately, Estonia possesses the benefit of being able to react fast when new legislation is needed to support emerging industries , like legalizing ride-sharing apps or legalize cute delivery of bots on sidewalks.
Cute delivery bots on Estonian sidewalk
One of the world’s largest blockchain organizations, Guardtime, set off from here as well as many other startups that are making use of blockchain in increasingly creative ways to disturb traditional industries.
Visually all described in this article looks like the image below:
Due to the close collaboration between the public and private sector, Estonia has arisen as a leading startup hub.