Duško Marković, the prime minister of Montenegro, said earlier this year that the country is carrying a heavy legacy, plagued with low standards and weak institutions, but its EU orientation is clear and strong.

This week, the Government of Montenegro announced another step in their new, progressive direction.

The Government of Montenegro signed a tripartite agreement with the International Chamber of Commerce (ICC) and the blockchain development company Perlin.

Blockchain Incubation in Montenegro

The aim of the agreement is to cooperate in developing blockchain pilot programs with the purpose of advancing entrepreneurialism in Montenegro and beyond.

The ICC has 45 million member businesses in 130 countries in total, which would mean an enormous potential adoption for any blockchain pilot that will be successfully incubated in Montenegro.

Applications of Perlin’s Wavelet in the international trade

Montenegro will gain access to Perlin’s Wavelet blockchain. Wavelet is a business-oriented blockchain focusing on speed, security and scalability as its main specifics. It also enterprise tools already developed which makes Wavelet a good candidate for the ledger of choice.

Some of the potential applications of blockchain technology to be developed in Montenegro include enterprise solutions for the digitalisation of international trade via the ICC’s TradeFlow or the supply chain traceability via Clarify tracking. There is an open possibility of the issuance of a stablecoin on the Perlin blockchain.

The agreement also outlines Montenegro’s collaboration with Perlin to provide resources such as market and operational data, research lab facilities and feedback to support ongoing R&D and product development.

Sanja Damjanovic, the Minister of Science for Montenegro, says the expectations are high: “We are starting the collaboration to meaningfully improve everyday lives of the citizens of Montenegro as well as to advance our country’s standing on the international stage.”