Enabling Technologies

Daily Review: Lessons from the Most Digitally Advanced Country in the World

There are at least nine reasons to launch and expand a business in this European country. This country is a rare example of how a little nation relentlessly completes with its own legacy to gallop ahead of the world and build the government of the future in the modern day.

Pick #1. Lessons from the Most Digitally Advanced Country in the World

“Estonia received a lot of press coverage last year for our e-Residency program, which is just one of the ideas that we created. I am very proud of the real-time economy and the no-legacy policy what we put in place. All the architecture in Estonia is connected. It is very easy to combine data sets and information from different registries because everybody uses the same identifiers for data. The trust between the companies, the people, and the government is so strong that, for example, companies are willing to share their business-to-business data with the government monthly. The government knows who dealt with whom, allowing them to better protect the market and enabling a full understanding of what happens in the economy.

For example, how are gas industries doing, how is machinery doing, how is one region doing compared to another region, how much capital moves from one area to another area. We can track this in real-time. It is the future of governments.” – Taavi Kotka, Head of Estonia E-Residency Council, Enterprise Estonia; Special Advisor to VP Andrus Ansip, European Commission; VP of Sales, Plumbr.

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Pick #2. Apple, Xerox, IBM, and Fumbling The Future

The amazing thing is that the IBM researchers understood the importance of hypermedia well.

“In the context of a global multi-media information utility, the hypermedia concept takes on an enhanced significance in that global hypermedia links may be created to allow users to navigate through and create new views and relations from separate, distributed databases. A professional composing a hyper-document would imbed in it direct hyperlinks to the works he means to cite, rather than painfully typing in references. ‘Readers’ would then be able to directly select these links and see the real things instead of having to chase them through references. The set of all databases maintained on-line would thus form a hypernet of information on which the user’s workstation would be a powerful window.”

But it was Berners-Lee, not IBM, that successfully translated his vision into a viable product (or, more accurately, three standards that spawned millions of successful products). Why? Because he looked at the future through a different lens than IBM’s (or AOL’s).

Berners-Lee’s vision did not focus on the question of how you deliver information – the network – but on the question of how you organize and share it. This, as it turned out, was the right path to realizing the visions of e-books, a flood of worthless information, and the elimination of all kinds of intermediaries. And because this road was taken by Berners-Lee and others, starting with Mosaic (the first successful browser), information became free and its creation shifted in a big way from large, established media companies to individuals and small “new media” ventures. Because this road was taken, IT innovation in the last 30 years has been mainly in the consumer space, and the market for information services has been almost entirely consumer-oriented.

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Pick #3. How Banking-as-a-Platform Propels Cross River Bank

Nair: Which areas or segments in the FinTech industry do you believe have exciting growth potential?

Gade: I would say regulatory technology, even though it’s been a bit of a buzzword lately. Regulatory technology is what will enable the various financial companies to continue to innovate within the confines of regulation because, at the end of the day, the biggest hindrance to innovation has been the manual verification of transactions.

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Elena Mesropyan

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.