Nordic Countries Are Ready to Embrace Bitcoin and Blockchain Technology

Nordic countries are looking forward to developing Bitcoin and blockchain technology. Jaakko Hynynen is a startup   Sauna   The CEO of the incubator (Startup Sauna Accelerator), told reporters at the Slush conference that the Nordic countries are ready for Bitcoin and blockchain technology. At present, due to insufficient market research, the development of blockchain technology is not fast, but the descendants of the Vikings have realized the huge potential behind Satoshi Nakamoto's invention, which may be able to surpass legal currency and change all aspects of life.

Jaakko Hynynen said that Bitcoin and blockchain technology have great potential to integrate many areas of the enterprise, not just digital currencies. Insurance is one example.

“I believe that blockchain technology will not stop at digital currencies. The system can be applied in insurance and other fields. The technology can be integrated into some of the largest banks and insurance companies in Northern Europe. People working in this field have noticed the technology and are ready to use these innovative technologies at any time.”
However, the development of digital currencies in the Nordic market has not been smooth. Only recently, the 25% VAT tax on transactions with local currencies was abolished because Bitcoin is considered a currency. History shows that many people still consider Bitcoin to be a bit suspicious, especially in Norway. However, its neighbors, Sweden and Finland, are more open to digital currencies.

It is worth mentioning that XBT’s BTO is a Bitcoin-based asset that can be traded on Nasdaq. This is the first time that a digital asset can be traded on a traditional and regulated exchange.

Another breakthrough is Kryptoradio, a real-time blockchain data broadcaster that enables traditional TV networks to broadcast Bitcoin blockchain data. The project was launched at the end of 2014, thanks to a partnership between Koodilehto, FIMKrypto and Finnish national television Digita.

Despite this, the development of Bitcoin and blockchain is still slower than other regions. Jaakko Hynynen believes this is due to a lack of market research. He advises developers to explore the real needs of consumers and provide the products they need:

“Blockchain technology and Bitcoin have some technical barriers. So those products around Bitcoin and blockchain are often created by some geeks. But usually it is the case that they create some very great products, but they don’t know who will use them, who are the potential consumers, and where the right market will be. Therefore, developers are better off always putting customer needs first. They should go out more and communicate with potential consumers to find out what kind of products people and companies need.”

Startup Sauna was founded in September 2012 and has received support from many countries. The goal is to build a strong ecosystem for companies in the Nordic countries, Eastern Europe and Russia. The Startup Sauna incubator helps companies grow. In addition, it hosts the Slush conference for some of Europe's leading startups and investors.

Original article: http://cointelegraph.com/news/115652/scandinavian-countries-are-ready-to-adopt-bitcoin-and-blockchain-technologies
Translation: Prince Gong