As you may know, the creation of the ECOS ecosystem will positively impact the Armenian economy since our blockchain-based system perfectly fits the development strategy of the country that is aimed at increasing the human capital, advancing innovational technologies and as a result will increase the material capital. We believe that in the near future the technology behind blockchain, which is currently one of the most interesting and effective, will become one of the most utilized in Armenia in various sectors of economy.
▪️ What will blockchain revolution bring?
Blockchain will allow businesses to solve one of the most relevant issues they are facing today – the issue of verification and control of contractors in business processes. Currently this undertaking takes a lot of time and effort, but with blockchain expenses can be decreased by cutting down costs and increasing profits. While the information about contractors or supply chains will be impossible to forge or delete.
The government will get the ability to make official records of births, deaths and marriages circumventing corruption and bureaucracy. Examples of successful use of the technology by a government are already on the record – in Estonia. Citizens of that country have their personal identification cards on the blockchain. Medical records are also stored on distributed ledgers. This way personal data is protected from hacking attacks and the very possibility of fraud is basically rooted out.
These examples prove that utilizing new technologies in the next few years will make changes to a number of sectors at once: from public management to business.
