Estonia operates the country like a tech industry
Estonia is commonly defined as a fully digital community. Today most government services are offered online 24/7, and blockchain technology guarantees data integrity. You can use medical e-prescriptions, file taxes, or even buy a car online without going to the registration office for the cars.
Citizens usually demand more services from private corporations than from their own governments for some strange and unexplainable reason. That is not the case with the Estonian citizens. They deserve a great deal from their government and are actively seeking change and creativity from them. If the private sector is actively innovating, Estonians want the government to be, too.
So why do Estonians live in a digital world and not everybody else?
10 years earlier, Estonia took the ignominious role of being the world's first multinational cyber-assault. Though no data was compromised, in an attempt to take them offline, the attackers sent large amounts of web traffic to annihilate systems.
It has briefly shaken the world that has already invested extensively in digital infrastructure and is developing as a vibrant start-up center for digital technology in general. Only five years ago Skype was born here.
The long-term result of the assault is that it helped Estonia grow into what is now universally considered the most developed international nation in the world. Today, nearly every public service in Estonia is digitized and accessible via protected digital identities that are given to every person and resident.
How governments help in accessing the full potential of blockchain technologies
There are two main components that the governments should provide for the potential growth of the Estonia blockchain.
1. A smart policy structure-
Blockchain is a fairly state-of-the-art technology, and developers and their users frequently face the task of operating in legal gray areas or are hampered by existing legislation.
Far from obstructing the advancement of Estonia blockchain technologies, a smart policy system could both promote disruptive innovation and provide stronger consumer security.
Estonia has emerged as a leading start-up center, by strong collaboration between the public and private sectors.
Clearer regulatory structures regarding blockchain are also now on the way internationally, including legislation that would allow stricter KYC protocols to mitigate vulnerability and protect the public interest against threats such as money laundering. Unfortunately, it can also increase the costs of blockchain start-ups or restrict their goods and services to certain markets.
2. Verified online identities
Without the legal security for safer KYC, if they get it wrong, blockchain developers face increased expenses and risks in testing whom they communicate with online. A secure digital identification supported by the government would help ease the start-up phase at KYC.
E-Residency is Estonia's contribution to the world, and the primary advantage at present is the opportunity to set up and run a secure location-independent business exclusively online. However, the platform has also created major interest among blockchain developers on how to integrate digital ideas into their products and services.