Investors and buyers from all over the world have been showing a lot of love and enthusiasm for OmiseGo lately. This interesting and ambitious project aims at unbanking the banked by using Ethereum platform for financial technology. However, this is not the only platform seeking to unbank the banked using cryptocurrency, but many other startups have been doing a similar stuff. Therefore, a fierce competition in this industry is quite expected in future, as it puts a lot of pressure on all teams working toward this goal.
Lately, OmiseGo made headlines in the media, after making an announcement between the company Omise and the Thai government. The Thai Ministry for Digital Affairs has signed a Memorandum of Understanding, according to which, the two parties will come together for developing a national digital identity verification system and an online portal for payment. The government of Thailand sees a lot of potential in using Omise technology for providing citizens with a national digital ID, so that consumers can be protected from fraudulent behaviour online. An additional feature of using this technology would be that the system will facilitate more efficient and faster online transactions which will be beneficial to the end user.
Currently, Omise is a well-established company in South-East Asia that partners with 550 major corporations on the continent. The company is also planning to merge all the companies under one umbrella, OmiseGo, after the launch of the digital ID collaboration. This might result in thousands of added transactions that will go through OmiseGo as the default payment structure.
This collaboration will be the first case in which government will be employing the blockchain technology. However, critics are questioning the ability of the technology to scale to such a large size. But OmiseGo’s developers are striving hard to foresee and prevent potential problems from occurring.
Increase in Value
According to many crypto evangelists, enthusiasts and commentators, the partnership between Omise and the Thai government will result in a rapid upsurge in value of OmiseGo. The likelihood is that there will be a run on the currency, which will make next few months a great time to invest in OmiseGo.