A Society On Its Way To Becoming Cashless
Sweden Is Embracing Blockchain
When we think of Sweden, usually it conjures up images of northern lights, ABBA, and design. Few realize the nation with its majestic glacial mountains, dense forests, and more than a thousand coastal islands also boasts an export-oriented economy aided by timber, hydropower, and iron ore. Today, Sweden is fast becoming a cashless society, home to Bitcoin mining, and has embraced blockchain technology in the area of real estate. Its resources and ingenuity add to an already impressive show of economic growth. Furthermore, this trend is to continue throughout the year.
Paper And Coin Currency
In Sweden, circulation of paper and coin currency has dropped to its lowest levels since 1990, and more than 40 percent below its peak in 2007. Ricksbank is the central bank of Sweden and thus the ultimate authority in supplying cash. Among its objectives are ensuring monetary stability and determining alternative payment methods. However, a growing digital environment ripe with private agents looking to disrupt its monetary monopoly has prompted Ricksbank to investigate alternative currencies and payment systems for Sweden by joining forces with IBM to spearhead the e-Krona project – a compliment to cash not aimed at replacing it.
Blockchain and Real Estate
Meanwhile, the country’s advancement of blockchain technology in the area of real estate is progressing. Last year saw the launch of a blockchain-based platform for buying and selling property. As a matter of fact, the project did initially run into some roadblocks. The Lantmäteriet, though a highly-digitized and paperless system, was efficient, but slow. Signing a contract to registering a sale used to take three to six months. With today’s blockchain system, the same process takes only hours. However, since digital signatures for registering or purchasing properties are currently illegal under Swedish law, there are legislative obstacles that need to be overcome before blockchain ledgers are adopted on a wide scale for real estate transactions.
Low-Cost Power Sources
Sweden’s neighbor Iceland is home to a large number of mining operations. Nevertheless, Sweden will soon be at the forefront of blockchain mining. It offers the same optimal climate and cheap energy as Iceland, and even more assets. Here, low-cost power is also green and internet connectivity more reliable. In the scope of considerations of Hive Blockchain of factors in blockchain mining expansion, it was the political climate in Sweden that sealed the deal. “Our investors would not have been as interested if we had chosen a country like Russia or China,” explained CEO Harry Pokrandt. He has set his sights on Boden to host a $100 million mining facility. This operation is to be ten times the size of his current operations.
Sweden has come a long way since a century ago, when it was among the poorest nations in Europe. It is a relatively small country and home to only 0.13 percent of the world’s population. Nevertheless, Sweden is a world leader in innovation. Progress is closely linked to its willingness to embrace a free market and commitment to development. This spirit includes individuals and businesses relating to the booming cryptocurrency and blockchain industries.