The conference also included representatives from huge digital companies including Microsoft and Fortum (one of the biggest energy companies in the country) along with many university academics. Aiming to encourage debate from government officials to private corporations on the integration of the Blockchain technology. The event was organized by the central bank in Finland to escalate and promote the potential uses of the Bitcoin technology in various financial settings.
“Our task is to ensure the reliability and efficiency of the payment system and the overall financial system and to participate in their development. Research into, and support of, new innovations shaping the financial sector constitute part of this work. “
Primary uses for the Bitcoin technology being discussed including payment options in the energy industry around the country. Other countries such as Japan already allow customers to use Bitcoin as a payment option even offering incentive rewards and discounts to these users. In Finland however it was suggested that Fortum may have engaged in a partnership with Nets, a considerably large payments firm, to serve digital payments in the near future for customers.
To conclude the blockchain partnership is one more example where the government of a country is actively seeking blockchain solutions for financial problems. Comparisons to Singapore’s own projects were made by many however considering the increased level of involvement by the state in guiding the project, Finland hopes to make practical use of the technology in a fintech setting. While European countries continue debating on Bitcoin regulatory measures it seems that Finland is the biggest economy pushing for positive integration and is actively seeking for development of Bitcoin infrastructure.