New Czech Blockchain Association With The Support Of IBM, PWC, ADEL Hopes To Transform The Local Economy

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

The main purpose of the group is to change the Czech economy over the next five years using DLT. Companies argue that the alliance will be important for the development of cryptocurrency solutions in the public and private sectors.

In the Czech Republic, which has a population of about 10.5 million people, technology proponents believe that blockchain has great potential to reduce corruption, fraud and theft due to its architecture that provides transparency.

IBM is one of the most active companies providing blockchain-based solutions. In March, the US technology giant announced that its DLT products are used by more than 400 companies around the world.

The Alliance has identified several areas, where the blockchain can be implemented in the first place. These include real estate, financial services, healthcare, automotive and food industries.

Nevertheless, the members are aware of the potential barriers that can slow the introduction of the detachment. One of such obstacles may be the lack of sufficient motivation among all interested parties.