OmiseGo made national headlines today after an announcement between Omise, the company behind the cryptocurrency, and the government of Thailand.
The Thai Ministry for Digital Affairs has signed a Memorandum of Understanding in a move which will see the two parties collaborate to develop a national digital identity verification system along with an online payments portal. The government intends to use Omise technology to provide citizens with a national digital ID, with a view to protecting consumers and reducing fraudulent behaviour online.
It is also hoped that the system will facilitate faster, more efficient online transactions which will be beneficial to the end user.
At present, Omise is already well-established in South-East Asia, and the firm currently partners with at least 550 major corporations on the continent. It is rumoured that the plan for the company is to amalgamate each of these companies under the OmiseGo umbrella after the launch of the digital ID collaboration. The result will see hundreds of thousands more transactions go through OmiseGo as the default payment structure.
Over the past twelve months, many governments across the globe have been weighing up the benefits of blockchain technology and toying with the idea of implementing it.
However, this collaboration is believed to be the first case of mainstream or government use for a blockchain. Critics have questioned the ability for the technology to scale to such a large size, although OmiseGo’s developers have stated that they have been working to foresee and prevent potential problems from occurring.
Most crypto commentators agree that the partnership with the Thai government will result in a rapid increase in value of OmiseGo. Despite an initial drop after the announcement, the likelihood is that there will be a run on the currency, making the next two to three weeks a great time to invest in OmiseGo.
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