Newly-formed blockchain alliance plans to disrupt Czech economy

The Blockchain Connect Association/Czech Alliance is looking to speed up the development and adoption of distributed ledger technology (DLT) in Czech Republic’s private and public sectors.

The alliance, which was recently founded by blockchain innovation startup Adel, IBM, PwC and Squire Patton Boggs, is aiming to disrupt the Czech economy with DLT within the next five years.

“First and foremost, our goal is to educate the public and private sectors on blockchain and crypto solutions,” Adel Co-Founder Jan Lamser states. “We want to take part in the digitisation of the entire Czech society and show the practical use cases.”

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Priorities

Jiri Batek, the head of IBM’s Infrastructure Division, says “our ambition is not only to localise our global solutions in the Czech environment but also to find and support innovative local partners and enable their access to international markets”.

The alliance will also focus on developing cryptocurrency solutions for the private and public sectors. Another priority will be to underpin the digitisation of the Czech society and help accelerate crypto and blockchain regulations.

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Corruption and fraud

Tech experts in the eastern European country, which has a population of nearly 11 million, believe blockchain technology can help fight corruption, fraud and theft.

Initially, the alliance eyes real estate, financial services, healthcare, automotive and food as industries in which blockchain can be implemented. However, members of the group recognise the obstacles they will face.

“For a successful introduction of the blockchain, 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,” concludes Squire Patton Boggs Partner, Danica Sebestova.

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