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.
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 key outcome
Armenia is fulfilling the requirements to become the next global blockchain hub. The government has explicitly stated that disruptions in technology are prerequisites to modernize infrastructure and improve quality of life. As a result, research is increased and more blockchain-based startups are emerging.