io-market and its subsidiary edeXa AG presented their blockchain applications in Vaduz as part of the Digital Liechtenstein initiative.
The word Blockchain is on everyone’s lips: no company that does not talk about it. No investor who has not heard of it. But real detail knowledge is rare. The technology is still too new and the full potential is far from being recognized. edeXa and io-market, therefore, showed in the Technopark Vaduz which applications are planned on the edeXa Blockchain and how they are being implemented.
According to the numerous positive feedbacks, from the nearly 80 participants, we explained the complex topic in a clear and straight forward manner. In order to make it as transparent and diversified, we had also invited high-profile guest speakers from politics and academia to illuminate Blockchain’s topic from all angles and to hear independent opinions.
Blockchain in the supply chain: A perfect match
In addition to an introductory presentation on the baseline fundamentals, edeXa and io-market presented the range of applications of the edeXa Blockchain in the area of supply chain and file management.
CEO Daniel Kohler exemplified the functionality and benefits of Blockchain technology in the food industry. An evocative example based on the transport route of a freshly caught fish showed the spectators how exactly the processes may be. Many in the audience were surprised by the possibilities for almost complete automation of the process.
Especially with fresh products such as fish, meat and vegetables, the quality is crucial. Blockchain unerringly tracks the product from the source to the end consumer and notes the condition of the product (eg. temperature and duration of transport) in the blockchain. For example, in a second step, smart contracts automatically pay and process warranty claims. This is unprecedented and increases trust in actual food products.
For the first time, consumers could be informed and warned directly about product recalls. Up until now, there has been no contact with the consumer beyond the point of purchase. For example, to date, product recalls hardly reach the consumer. A unique development, which is only possible through the integration of the supply chain on the Blockchain.
Many opportunities for networking and sharing via blockchain applications
All participants used the coffee break in the three-hour event for a lively exchange and to network with other entrepreneurs over coffee and cake. We from edeXa and the guest speakers were happy about the direct questions and were excited to discuss matters directly during the break.
Afterwards, Daniel Kohler and CTO Stefan Neyer took the opportunity to demonstrate our solutions to local companies on the blockchain. The participants could try out first hand the specially developed “Tweet” App on the Blockchain (DApp) on their own device (mobile phone, laptop). This DApp could make internal corporate communication as well as communication with customers and business partners safer and more transparent. For example, contracts can be directly referenced (verbally, in writing or with pictures, for example, interesting for graphic designers and artists) on the Blockchain and concluded legally binding in the future via the DApp.
Guest speakers from academia and government
We were very pleased that we were able to get political and academic speakers excited about presenting interesting topics at our Workshop. This allowed the participants to gain a comprehensive insight into the state of the art so that they could then make a more weighted assessment of whether it would make sense to use a blockchain in their organization.
One of the keynote speakers was Prof. Gilbert Fridgen. He is head of the Bayreuth Blockchain Lab and showed clearly how much companies need to change their thinking in the future. How so? Quite simply:
“If someone had asked you in 1910 how to get across the Atlantic faster, you probably would have answered: You have to build faster ships. Nine years later, the first plane flew across the Atlantic. “
Prof. Fridgen is convinced that the Blockchain technology will provide a great added value for common business processes and that development will be rapid. Companies that are not already involved in research are in danger of missing out. In the future, applications will become more transparent as every party involved in the network can see the same state of affairs in near-real time. In addition, many processes are much faster, because waiting times and idle times are avoided. With the edeXa Blockchain Network, companies don’t have to develop their own Blockchain but can use the edeXa network and our Services as well as develop their own Applications on top of the Blockchain.
In the remainder of the lecture, Professor Fridgen outlined a very interesting example from everyday research: He explained how the identity management of refugees in Germany could be simplified with the help of a specially developed system at Blockchain. The application potential of the blockchain is huge. Prof. Fridgen does not advocate simple classifications where Blockchain makes sense or not: This is actually a much more nuanced decision-making process as the example above shows. In fact, Blockchain can be useful in almost any industry. Blockchain can be beneficial almost everywhere. Many application areas are only too little developed.
Blockchain and the law: First Mover Liechtenstein
The second guest speaker, Dr. Thomas Dünser, a member of the Liechtenstein Government’s Ministry of Presidency and Finance, reported on the current status and challenges of the Blockchain Law in Liechtenstein. The country of Liechtenstein still enjoys a pioneering role in this area and is one of the first countries to introduce a bill to regulate the blockchain. In many places existing laws have to be revised to meet the new requirements of disruptive technologies.
As much as all the participants have learned in the lectures, nothing replaces the lively discussion after the event: either directly in the open Q & A on the stage with all the experts or in direct exchange at the buffet. Networking is crucial in the development of ideas and applications, especially in such a young industry.
We from io-market and edeXa were pleased about the active participation and the diverse interest on the part of the event visitors and have already begun with the planning of the next event on the subject of Blockchain.
Due to the frequent demand, we are happy to publish the slides of the lecture here as well.