Overview of blockchain market trends, market size and prediction for Estonia
Blockchain is continuously growing day by day. The more we go through the technology, the more we continue to find blockchain.
In terms of geography, the United States is home to 40% of equity financings. Behind it are China (15%), the UK (8%), Singapore (4%), and South Korea (3%).
It can be easily seen that Europe dominates the global insurance market. Five major European insurance companies — Allianz, Aegon, Munich Re, Swiss Re and Zurich — have taken up the Blockchain initiative to provide faster and secured services to its clients.
European banking is attempting to shift trade finance to Blockchain platforms. EU5, which includes France, Germany, Italy, Spain, and the United Kingdom, dominates the market because of digitalization and early adoption of Blockchain technology.
Estonia
One of the key events behind Estonia’s current position as a leader in blockchain was being the target of a cyber attack in 2007. Scalable blockchain technology (KSI Blockchain) was developed to ensure the integrity of data stored in government repositories and to protect its data against insider threats. Estonia became host to the NATO Cooperative Cyber Defence Centre of Excellence and the European IT agency.
In 2016, the Estonian government was looking for new and innovative ways to secure the health records for its 1.3 million residents. It turned to blockchain technology.
As of today, Estonia has some of the most advanced blockchain legislation in the world. It hosts some 700 blockchain companies with foreign shareholders, thus challenging Zug, also known as Crypto Valley. To find out the secret of its success, the research team of ORS CryptoHound interviewed Estonian law firms, software developers and corporate service providers. The use of bitcoins is not regulated or otherwise controlled by the government.
The whole Estonian ID-card system is built on an early blockchain technology called KSI (Keyless Signature Infrastructure),” stressed Mikk Maal, a co-founder of Comistar Estonia.
In Estonia, the ID-card is used not only for identification but also for accessing and using various state services, including but not limited to voting, tax reporting, education, company formation, etc.
I would say Estonia benefited a lot from blockchain technology even before it became so popular.
