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Estonia developed X-Road, its proprietary decentralised, distributed system in 2001 and has utilised Blockchain since 2008. World-class technical skills supported by practical experience implementing public and permissioned Blockchain’s place Estonia at the forefront of the emerging Blockchain economy.
| World leading expertise in strategic, technical and operational aspects of Blockchain. | |
| Daily utilisation of distributed systems, electronic ID and smart contracts. | |
| Ability to seamlessly integrate Blockchain into everyday processes and services. | |
| Proven benefits for all stakeholders from application of Blockchain technologies. | |
| Estonian Blockchain solutions attract global clients, awards and funding. |
Estonia’s journey to becoming the world’s most digitally enabled nation began decades ago when visionaries committed to IT as a country strategy and conceived X-Road, the decentralised, distributed information system on which e-Estonia runs.
Launched in 2001, X-Road has processed over 2.3 billion transactions since. Blockchain-based protection of data, e-services and devices began in 2008 and has operated at scale since 2012.
Today state services ranging from tax to e-Health plus private sector service providers utilise the system. Blockchain usage is invisible to users yet the benefits are proven, ultra-high security, data immutability and 800 years of time savings annually.
With such unique proof of concept, it is unsurprising that Estonia is at the forefront of the emerging Blockchain economy.
Guardtime (read more), the world’s largest Blockchain company, was born and continues to have significant operations in Estonia. Guardtime’s KSI Blockchain is utilised by clients including Verizon, the US and Thai governments, Lockheed Martin and Ericsson. Application of the technology increases rapidly and Guardtime has created the world’s first Blockchain platform of marine insurance in partnership with EY, Møller-Maersk, Willis Towers Watson, Microsoft and others.
Blockchain innovation is high across a range of sectors where security and immutability at scale are critical. In FinTech NASDAQ has completed successful trials of Blockchain-based shareholder voting in Estonia and Funderbeam’s Blockchain-based capital market attracts global investment. A growing list of governments trusts Estonian consulting expertise and solutions to protect their operations.
Estonia is changing the world by being the global leader in the digital revolution. This includes Web3, which is a new version of the World Wide Web, based on Blockchain. As a new concept, Web3 has received different opinions regarding its positive and negative effects due to decentralisation. On the one hand, there might be risks related to privacy and harmful content, but on the other hand, Web3 may help with data security and privacy. The technology of Web3 incorporates solutions that are known from the crypto field – decentralisation and token economy.
Web3 aims to take the advantage of AI, machine learning, and Blockchain to develop the online world in a way that everyone can control their data and online self.
Estonia has by now already several companies that develop Metaverse-related solutions regarding avatars, Blockchain, and Web3 (NFTPort, WOLF3D, Futuclass, Veriff, Glia, etc.).
Through its determination, hard work, and modernisation, Estonia has evolved itself into a thriving and digitally advanced community that businesses and investors can trust. By devoting time and effort to developing its digital services rather than relying on other large companies, Estonia has become a self-sufficient state with continual growth underway. Rapid progress in Web3 is just one way Estonia shows its passion to be the first in being one step ahead in the 21st century.
Success stories in the Estonian Blockchain industry include:
Funderbeam, Guardtime (read more), chckout.com, the Republic of Estonia, and others.
These websites can be useful when interested in Blockchain in Estonia:
You are also welcome to send us a request for personal e-consulting to obtain more specific information.
Estonia is not only a pioneering digital society, which has found convincing answers to the challenges of digitalization, but it also is a very green country. There is a strong societal and political will to utilize the capabilities and ecosystems. These have been developed to tackle the challenges of decarbonization of the economy and to become once again a leading player – in CleanTech and GreenTech.
Metaverse is the parallel universe or a unified universal virtual world, facilitated by the use of virtual and augmented reality headsets. In addition to the fact that existing products and services can be transferred to the Metaverse, it achieves a completely new economic environment and opportunities to create and market products and services that are unique to the Metaverse. Simply said, Metaverse has no limits in Estonia.
Estonia is a cashless society with over 99% of financial transactions occurring digitally. Electronic ID and Blockchain are widely used in FinTech applications. 80+ FinTechs ranging from innovative startups such as Wise to Blockchain leader Guardtime make Estonia a global centre of excellence for FinTech.
Estonia has a sizeable Advanced Industrial sector and world-class IT expertise in areas including high tech systems, control technologies and cyber security. Supported by a collaborative ecosystem well suited to research and development, Estonia is emerging as a centre of excellence in industrial automation.
Estonia developed X-Road, its proprietary decentralised, distributed system in 2001 and has utilised Blockchain since 2008. World-class technical skills supported by practical experience implementing public and permissioned Blockchain’s place Estonia at the forefront of the emerging Blockchain economy.
Patient records in Estonia are digitised and secured by the Blockchain, providing a single immutable data source for healthcare professionals. With a unique digital platform and collaborative ecosystem, Estonia is positioned to lead on preventative medicine, patient self-treatment and industry efficiency.
What is it like to run a business in Estonia? How to benefit from the e-solutions and the efficiency of our business culture? What are the opportunities in specific sectors? Who to partner up with?
The Estonian Investment Agency’s team is happy to help you via its complimentary e-Consulting service, organize online or offline follow-up events such as virtual investment visits and guide you through the fairly simple process of investing in Estonia.
