Europe is a prosperous continent for Blockchain startups. Considering the popularity of cryptocurrencies in many European countries, more and more businessmen start to invest in blockchain-related startups. Even though lots of countries have been trying hard to advance their technologies and keep pace with the rest of the world, not all the attempts have been successful. However, some European countries are widely considered as having a real power to help Europe progress and Scandinavian countries are among those. There are many blockchain-related projects on the way of implementation and if they experience success, probably the number of blockchain-related companies will grow even more. Therefore, Scandinavian countries are often referred to as capable of putting Europe on track for blockchain.
Crypto landscape in Scandinavia
Scandinavian countries are famous for their attempts to implement the newest innovations in many fields. They usually try to develop technologies and improve blockchain-powered systems. One of the main reasons for this kind of popularity for blockchain developers is cheap energy in the region. Large crypto-companies, as well as regular individuals who would like to invest in promising projects often choose countries like Norway or Finland because they know the power in those countries is really cheap.
According to Reuters, the commercial price for power is 6.5 and 7.1 euro cents respectively in Sweden and Norway which is way cheaper compared to other European countries. Considering the fact that crypto miners usually seek places where they don’t have to pay too much for the energy, Norway and Sweden are among the most attractive places to start a blockchain business. Another thing that plays an essential role in catching their attention is that nearly 40% of Swedish and 99% of Norwegian energy is produced on hydroelectric power plants which are important for crypto miners as they are under pressure from lawmakers to use green energy in the process of producing cryptos. This is why Norway’s and Sweden’s clean energy seems like a great opportunity for them.
There are already many companies in Scandinavian countries that cooperate with thousands of investors and allow accepting payments in cryptocurrencies. Indeed, using cryptos as a payment method has a bunch of benefits, from stability to improved control over your money. However, people have realized that finances are not the only field where they can make great use of cryptos. Blockchain technology can be effective in many other fields and that’s especially true when it comes to gaming as cryptos bring advancements of transparency and sustainability to the industry.
Innovative blockchain projects in Norway
Currently, there are a bunch of blockchain-related projects happening in Scandinavian countries and especially, in Norway. It is referred to as one of the leading countries in the world which have embraced blockchain technology. One of the main reasons for the increased popularity of cryptos in the country could be attributed to the thriving gambling industry. As you can see here, today every player acknowledges that using cryptos while taking part in newly-launched online casinos is pretty convenient because of the opportunity to make quick transactions, anonymity, or other benefits.
Besides, there is a safe gambling atmosphere in Norway because online gambling is legal and strictly regulated by the government. Bitcoin is also legal and classified as an asset which is why investors usually hurry to establish online casinos in Norway that accept Bitcoin as they know that their business has huge chances to succeed in this country.
Currently, blockchain plays a huge part in the Norwegian gaming industry and is still on its way to rise. The country has two big blockchain-related gaming projects, one of which was not really successful but another is still in the process of implementing. One of these projects is Parsec Frontiers which was among the most anticipated blockchain games. It was an innovative project - the first blockchain-powered multiplayer game which had the potential of changing the eSports industry completely. The launch of the game was planned for December 2018 but unfortunately, the game couldn’t attract enough funds and the project turned out to be unsuccessful. However, because of the great interest from the eSports community, it’s believed that the project is not finally closed and hopefully, someone will dare to restart it.
Another great blockchain-powered project in Norway is the Bitcoin lotto created by Norwegian company Bitgames. Now it’s considered a real advancement of the gambling industry because players will have the possibility to register from all over the world without having to pay money. Instead of this, they will just have to share the power of their devices. As the creator believes, this game is designed specifically for beginners who would like to become BTC millionaires.
Blockchain degrees for Nordic students
Of course, the success of blockchain in Norway’s gambling industry is not the only reason why Scandinavia is considered a driving force for blockchain technology in Europe. The demand for technology can be seen in almost every industry in Scandinavian countries. For example, some Norwegian colleges already have blockchain majors. Considering the fact that being a blockchain developer is really favorable nowadays and blockchain development is one of the most popular professions in Europe, it’s not really a surprise that Scandinavian universities are reacting to this increased demand for blockchain skills. More than 50 universities are offering programs for specializing in blockchain and Norwegian university is among them.
Nowadays blockchain really has the power to disrupt traditional business models which is why as LinkedIn reports, blockchain is one of the most in-demand hard and soft skills of 2020. Nordic universities try to keep pace with the current trends and as a result, they already offer blockchain classes in Financial Technology degrees.
Bottom Line
Although we haven’t focused on all of the crypto-friendly Scandinavian countries, not only Norway, most of them have the potential to become leaders in blockchain technology. There are already thousands of people in these countries who own cryptocurrencies and the blockchain landscape is emerging even more. Scandinavian countries still treat Bitcoin as capital property, but the opportunities for the crypto-businesses to grow in those countries are so huge that more and more investors are trying to establish businesses here. Currently Danish, Swedish, and Norwegian developers are creating startups to make blockchain technology even more recognizable. Probably, Scandinavians will continue to work on applying blockchain innovations and this is why Scandinavia is playing a major role in putting Europe on track for blockchain.
