New Czech Blockchain Association Backed by IBM, PwC, Adel, Hopes to Transform Local Economy

 In Altcoins

The Blockchain Connect Association/Czech Alliance plans to transform the local economy by leveraging the distributed ledger technology (DLT). The alliance hopes to reach visible results within three to five years.

The Blockchain Connect Association/Czech Alliance, a recently established organization, announced on Tuesday it is ready to accelerate the development and adoption of the distributed ledger technology (DLT) in the economic and public spheres of the Czech Republic. The alliance was founded by Adel, a tech incubator for blockchain innovation, tech giant IBM, professional services firm PwC, and global law firm Squire Patton Boggs.

The primary goal of the group is to change the Czech economy within the next five years with the help of DLT, of which blockchain is the most widely used. The companies claim that the alliance will be essential to developing cryptocurrency solutions across the public and private sectors. Also, the group will underpin the digitization of the Czech society, which will eventually speed up the relevant changes in legislation.

In the Czech Republic, which has a population of about 10.5 million, the tech supporters believe that blockchain has great potential to reduce corruption, fraud, and theft thanks to its architecture that ensures transparency.

Adel co-founder Jan Lamser commented on the alliance’s plans:

“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.”

Jiri Batek, the head of IBM’s Infrastructure Division, stated:

“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.”

IBM is one of the most active companies that provide blockchain solutions. In March, the US tech giant revealed that its DLT products were used by over 400 companies around the world.

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The alliance has determined several areas where blockchain could be implemented in the first place. These include real estate, financial services, healthcare, automotive, and the food industry.

However, the members are aware of the potential barriers that might slow blockchain adoption. One of these obstacles might be the lack of sufficient motivation among all the stakeholders.

“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,” Danica Sebestova, a partner at Squire Patton Boggs, commented.

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