Why Armenia is becoming a global blockchain hub?

Potential investors in the tech industry should take a closer look at Armenia. The country has a flourishing tech sector and has been making some noise because of its enormous expertise in the IT sector. This development has attracted a new wave of potential investors. Therefore, it is no surprise that the World Congress on Information Technology is taking place in Armenia.

Blockchain R&D Hub Armenia

Through its reputation as an innovation hub, the country earned the nickname “Silicon Valley of the ex-Soviet Union”. Actually, the country has a long history of technology. Before 1990, 40 percent of mainframe computers were produced for the Soviet military.

Apart from that, the country convinces many investors with its geographical condition. Armenia has many well educated and highly skilled workers. The capital Yerevan even has a secret building in which computer research is conducted. Despite the collapse of the Soviet Union, Armenia has managed very well to focus on its competitive advantage regarding software development, IT and more.

The IT sector is making up a big part of the nation’s economy, more than 7% of its GDP. Those numbers are not bad when considering the fact that the small country has only 3 million people of which 18,000 of them are working in the tech sector. Currently, over 7,000 students are enrolled in higher education institutions to study advanced technologies.

Thus, it is no surprise that the global network for R&D is using Armenia’s talents to create a global source for blockchain facilitation.

In fact, the prime minister of Armenia claimed that the future of the country is in technology. He also said that it is necessary to determine how science, education and the country can benefit from each other to foster growth and increase In fact, the government intends to finance projects that advance and accelerate Armenia’s economic development.

Since the country has a need to transform traditional approaches, reshape business and reduce levels of corruption, it can be concluded that Armenia has the best requirements to adopt blockchain technology.

The important role of the Nooor Blockchain Armenia

The mission of the Nooor Blockchain Armenia is to develop and promote blockchain technology in Armenia. Further, the organization partners with more than 40 countries and is accelerating the development and integration of blockchain-based projects. Thus, Nooor will promote Armenia to become a global hub and center of blockchain expertise.

According to Viktoria Khechumyan, COO of the Nooor Blockchain Armenia, blockchain technology can improve government services and increase transparency. At the same time, blockchain technology has the potential to disrupt the healthcare industry.

People with an interest in building tech and blockchain-based startups are welcome to become a member of the Nooor blockchain community. The organization not only educates but also provides legal and strategic support to blockchain-powered companies or to those that intend to transform Armenia with blockchain technology.

Furthermore, Nooor can help interested people in the following ways:

• Organizing community meetups: Educating blockchain enthusiasts by organizing meetups and events.
• Educating and inspiring: Proving educational programs to students, executives, and managers.
• Cooperating with governments: Liaising with the government and encouraging transparency to create business environments that foster growth.
• Providing strategic support: Providing support to blockchain-powered companies, startups, and entrepreneurs.
• Assisting companies in tokenization: Assisting companies in the process of tokenization and providing consulting for cryptocurrencies and smart contracts.
• Fostering networks: Growing a strong network of experts, enthusiasts, and developers to share knowledge through training, special events, and conferences.

The organization has developed some tailored solutions to help users that have an interest in learning more about this new technology. Those are demonstrated as follows:

ChainPoint 19

This year the Nooor Blockchain Armenia was hosting ChainPoint 19, which is an international blockchain conference and is held annually. The international conference proved that Armenia is becoming a global hub for the blockchain expertise.

Moreover, the minister has always emphasized the importance of strengthening the Armenian tech ecosystem. A conference like ChainPoint 19 contributes significantly to the development of the national tech ecosystem.

At ChainPoint 19, investors were able to explore business opportunities of the regional tech ecosystem. The conference hosted 50 speakers and 500 attendees from 30countries.

The key outcome

Armenia is fulfilling the requirements to become the next global blockchain hub. The government has explicitly stated that disruptions in technology are prerequisite to modernize infrastructure and improve quality of life. The Nooor Blockchain Armenia has become the main engine in Armenia for developing and implementing blockchain technology in society. As a result, research is increased and more blockchain-based startups are emerging.

Sources

https://wcit2019.org/blog/armenia-tech-hub-and-investor-goldmine

https://www.loc.gov/law/help/cryptocurrency/world-survey.php

https://jam-news.net/armenian-pm-countrys-future-lies-in-high-tech-industry/

https://www.aitimejournal.com/interview-with-viktoria-khechumyan-coo-of-nooor-blockchain-armenia

http://www.unlock-bc.com/news/2018-11-22/armenia-to-become-a-hub-for-blockchain-expertise

Contributor: Justin Krakenbuerger

The founder of Zenoctus, Content Strategist and Developer. You can connect with Justin on Linkedln or by email.