Blockchain is a database system that provides several stakeholders access to identical data in real-time and ensures that the data hasn’t been tampered with. This is an important step for transforming processes, increasing resistance of complex networks such as supply chains, and verifying the digital identity of humans or items.
Blockchain has the potential to influence all of other FinTech areas that we are discussing here on our webpage.
For every area of FinTech, we create a strategic table in which we identify incoming trends, key factors, challenges and comparison of the state in the Czech republic to other countries to provide companies an overview on how to implement the newest technologies.
|Incoming trends||Key factors||Challenges||Comparison to other countries|
|Companies and the public sector are exploring potential use cases for blockchain other than cryptocurrencies||Many new use cases are being found for blockchain especially in the areas of logistics, voting, safe data sharing, and many more||The usage of blockchain may require new business processes development or revision of the current ones which may take some time||According to our information only in the private sector|
|The demand for qualified blockchain workers is rising heavily||Having enough blockchain professionals is essential for this area||An acute lack of blockchain developers||The situation is not any different in CR and the demand is also high|
|Blockchain can provide added value in many areas||Transparency, safety, and decentralization of the network||Transforming proof of concept project into production, unrealistic requirements||Some companies in CR are already implementing blockchain|
|Central Banks Digital Currencies (CBDC)||Cashless society, availability 24/7, financial inclusion, saving the costs on making the physical currencies, simpler transfer payments||Cyber security, the privacy of cityzens||Czech National Bank is following the development of CBDCs.|