The Democratic Republic of Timor-Leste, or East Timor, is the 1st New Sovereign State of the 21st century since 2002. It is located in Southeast Asia, with a population of around 1.3 million. Sharing borders with Indonesia, the sovereign state comprises the eastern half of the island of Timor and a couple of other nearby islands. The country restored its sovereignty in 2002 after the Indonesian occupation.
Timor Leste’s decades-long independence struggle against Indonesia impaired much of its economic infrastructure, reducing it to Asia’s poorest country.
Today, they are still rebuilding and rectifying the pre-independence adversity. They are a young country seeking to make a mark in the global economy, starting with their own backyard. However due to financial restrains, they are unable to do so, even with the abundance of natural resources.
Every corner of the world has its own view on blockchain technology, and cryptocurrency is still fairly new to the mind of your average consumer even though it has been in existence for almost 10 years. Many countries which have similar economy to Timor Leste views digital currency as an opportunity to flourish.
For low income areas with GPD per capita of ~$2,200USD like Timor Leste (data as of 2017), for example, cryptocurrency has presented them with the chance to make a positive change to their economy and prosper their people.
With many countries constantly competing against each other in the innovation and technological advancement, no one wants to be left behind. Many governments are either studying numerous potential blockchain-based applications for state affairs or already in the process of testing such applications on a small-scale. Blockchain has the potential to revolutionize the activities of government, simplifying the governmental infrastructure. The potential use cases of blockchain technology in government and country may include:
Banking, real estate, health care, elections, supply chain management, agriculture and fishery, culture preservation, welfare and aid, education, insurance, national identity management system, tax and internal revenue monitoring, & etc. As the crypto community continues to grow, more countries will be fighting to stake their claim, and so far, we are staking our network and net worth on the small country of Timor Leste. Invech hopes to be the channel for the people of Timor Leste to enhance and transform the economy status of the country. Thus, creating a sustainable economy, and at the same time a tech savvy and advance, blockchain nation.