Blockchain technology continues to expand in many different parts all over the world. This time, the Czech Republic will see the Blockchain Connect Association work in order to develop distributed ledger technology (DLT) in the ‘economic and publish spheres’ in the country. The information has been revealed by Forbes on September 12.
This Alliance aims to change the Czech economy in the next three to five years using blockchain technology. With the initiative, the technology will be evolving in the country at very good rates.
According to the protagonist of the venture, the country will implement integral crypto solutions in the public and private sectors across the nation.
The Czech Republic and its neighbor country Slovakia have several times been involved in many different inventions.
Blockchain can be used in many different areas. However, governments and enterprises use it with the intention to mitigate corruption, fraud and theft. IBM has also been supporting such projects in sectors related to gold mining and jewelry. Other industries where IBM is working on are logistics, shipping and digital identities.
Some of the founding members of this alliance are Adel, a blockchain accelerator and innovation company, PwC, IBM, and Squire Patton Boggs, which works with lawyers across 20 countries.
Adel announced its plans to launch an Initial Coin Offering (ICO) during the month of March. The incubator was ready to launch a website in order to support and fund some startups related to the blockchain platform known as Nxt.
Jan Lamser of Adel, remarked about the alliance and its ambitions for the future:
“First and foremost, our goal is to educate the public and private sectors on blockchain and crypto solutions. We want to take part in the digitization of the entire Czech society and show the practical use cases.”
Jiří Batěk, director of IBM’s Infrastructure Division based in Prague, said that their intention is not only to localize their global solutions in the Czech market, but also find and support innovative and local partners.
There are many businesses around the world that require bilateral paper-based agreements to operate Using blockchain technology it is possible to secure trust in a streamlined and digital sphere, according to Petr Ložek, managing partner of PwC.
Danica Šebestová, partner at Squire Patton Boggs, explained:
“For a successful introduction of blockchain [projects] it is necessary to work with all stakeholders who want to benefit from these solutions. This is our ambition to find optimal crypto solutions that will save time and money for our clients.”
Blockchain Connect was able to identify some important areas that can be enhanced using blockchain technology. Such areas are real estate, financial services, automotive, food industry and more.
The logistics industry manages an important number of paper documents. Using blockchain technology parties involved in the supply chain can directly share all the information needed and requested through the blockchain.
As per the World Economic Forum, international trade could save up to 15% costs if legacy barriers are reduced.
The same can be seen if the technology is applied to food safety controls, controlling the quality of the food. Using DLT, settlement between banks and land registration can be resolved in just a few days.
In the automotive industry, blockchain technology can be embraced so as to prevent tachometer tampering. Moreover, counterfeit spare parts can be identified and traced in cars. This would protect the supply chain of the entire automotive industry,
At the moment, blockchain is just starting to spread in many different countries and industries. However, it is not so easy to spread more confidence.