Blockchain promises to fight real estate fraud and corruption in national administration.
Within 3 to 5 years blockchain will significantly change the Czech economy.
- Blockchain Connect ǀ Czech Alliance plans to accelerate the evolution of blockchain technology in the Czech Republic;
- Blockchain Connect will be integral to implementing crypto solutions throughout public and private sectors;
- With Blockchain Connect, digitization of Czech society will bring accelerated changes to legislation
PRAGUE, on 11 SEPTEMBER 2018 – The newly established Blockchain Connect Association | Czech Alliance plans to contribute to the development of blockchain technologies in the economic and public spheres in the Czech Republic. This technology has the potential to significantly mitigate corruption, fraud, and theft in various markets. Founding members of the alliance include Adel – a blockchain project accelerator, consultancy firm PwC, technology company IBM, and law firm Squire Patton Boggs.
The popularity of blockchain arrived with the rapid expansion of cryptocurrencies and the open ledger. This represents a decentralized database that keeps a record of every single transaction or interaction between two parties. Traditional databases have a much wider scope. For this reason Blockchain Connect will focus on the differentiation of crypto solutions.
“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”, describes Jan Lamser of Adel the alliance’s ambitions.
“Our ambition is not only to localize our global solutions in the Czech environment but also to find and support innovative local partners and enable their access to international markets", adds Jiří Batěk, the director of IBM’s Infrastructure Division.
One of blockchain’s benefits is the reduction of administration between companies and customers. This technology offers a high level of security and supply-chain transparency. “In traditional business models, there are many entities that play different roles. They are not easily trusted, and therefore require bilateral paper-based agreements. Blockchain can easily secure trust in a streamlined and digital sphere”, adds Petr Ložek, the managing partner of Consulting PwC ČR.
A possible obstacle to the global introduction of blockchain technology may consist in insufficient motivation of all the stakeholders. As noted by Danica Šebestová, a partner at Squire Patton Boggs: “For a successful introduction of blockchain it is necessary to work with all stakeholders who want to benefit from this solution. This is our ambition - to find optimal crypto solutions that will save time and money for our clients.”
Simplified logistics will help global trade.
Blockchain Connect has identified real estate, financial services, automotive, healthcare and the food industry as the top sectors who will maximize the benefits of blockchain. For example, the logistics industry is heavily burdened by multiple parties needing to exchange paper documents. With blockchain they will simply share the same open ledger to settle transactions. According to the World Economic Forum’s study “Enabling Trade Valuing Growth Opportunities 2013”, international trade can save up to 15% by reducing legacy barriers. Similar benefits can also be found in food safety controls, in verifying the quality of raw materials. In real estate, negotiations between banks and land registration can take up to 70 days. Using blockchain these settlements can be resolved within a few days or up to a 95 per cent savings in time. In the automotive industry, an open ledger can prevent, tachometer tampering. Similarly, counterfeit spare parts can easy be identified and traced in cars, thus protecting the supply chain of the entire automotive industry.
Marek Roll, +420 731 643 364, email@example.com
Note for editors
The Blockchain Connect Czech Alliance was founded in the spring of 2018. Its founders include technology company IBM, consulting firm PwC ČR, law firm Squire Patton Boggs, and Adel – a blockchain project accelerator.
The ambition of the association is to educate the private sector, as well as representatives of the state administration on crypto solutions. This includes modernizing the legislative framework of blockchain in the Czech Republic and to achieve real use cases through the digitization of the entire Czech society.