Bhutan’s Digital Revolution: National ID System Migrates to Ethereum Blockchain
Bhutan just flipped the script on digital identity—ditching legacy systems for Ethereum's decentralized network.
The Sovereign Upgrade
No more centralized databases vulnerable to hacks and government overreach. Bhutan's entire national ID system now lives on-chain—immutable, transparent, and globally accessible.
Cutting the Bureaucratic Fat
Forget paperwork delays and inter-departmental red tape. Smart contracts automate verification while citizens maintain control over their personal data. Identity management just went from analog to atomic.
The Crypto Connection
This isn't some theoretical experiment—it's live implementation at national scale. While traditional finance still debates blockchain utility, Bhutan's citizens are already transacting with verified digital identities.
Because apparently it takes a Himalayan kingdom to show global superpowers how to actually implement Web3 infrastructure—while Wall Street remains busy with PowerPoint presentations about 'blockchain potential.'
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The company plans to raise its export share to about 10 per cent by FY28E from 6 per cent in FY25. “It also aims to generate 14-15% of its revenue from the B2B segment over the next few years (vs. ~10% in FY25), noting that B2B margins are higher than those in the B2C segment. Further, LGEIL targets an over 25% YoY growth in AMC revenue for the next few years,” it added.
LGEIL’s strategic focus on premiumisation has resulted in innovative launches across OLED TVs, inverter ACs, and advanced smart appliances. The company holds strong market positions in premium segments, such as OLED TVs (~63%), front-load washing machines (~37%), and side-by-side refrigerators ( about 43 per cent). The share of raw materials sourced domestically stood at ~54% in FY25, with plans to increase this to ~63% over the next four years. This will also lead to an improvement in gross margin.
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According to Motilal Oswal, Distribution remains a key competitive strength for LGEIL, with 35,640 B2C touchpoints, 777 exclusive brand shops, and 463 B2B trade partners in 1QFY26. The company also operates one of India’s largest after-sales networks, comprising 1,006 service centres. It allocates ~4.5% of its revenue to advertising and promotion (A&P) expenses, which we expect to continue until FY28.
“ We expect LGEIL to trade at higher multiples, given: 1) strong return ratios (RoE/RoIC of ~30%/66% in FY28E); 2) higher OCF conversion, averaging ~74% during FY26-28E; 3) a strategic focus on localisation, which is expected to further expand gross margin; 4) targeted growth in high-margin B2B and AMC business; and 5) a leadership position across key product categories,” it said adding that “We initiate coverage on LGEIL with a Buy rating and a TP of Rs 1,800, premised on 40x FY28E EPS.”
Key downside risks, according to Motilal Oswal, are: any increase in royalty by the parent company, LG Electronics Korea, volatile raw material prices, and intensifying competition.
Published on October 14, 2025
