Blockchain technologies and the future of business
Non-financial industries are ripe for the Blockchain disruption!
Blockchain technology is now more and more common, also outside the financial sector, and contributes to leaner processes, potentially massive cost reductions and a smoother customer experience. The pioneering technology, known as 'blockchain', not only accelerates processes but also substitutes very complex systems with automated procedures and actions.
Partners in transactions will be communicating very directly and will also be able to entrust their data into a completely decentralised environment. This will create countless opportunities for Slovenian and Austrian companies to work together, while implementing many blockchain-driven solutions into business. In other words, until 2020, the European Commission will set aside more than EUR 300m for projects involving blockchain, forming a substantial financial framework for future cross-border partnership projects between Slovenia and Austria. We hope that such opportunities will link the two economies even closer together.
American Chamber of Commerce - AmCham Slovenia
Blockchain technology is among the biggest technological innovations of the past decade, and it has great potential to change existing processes and the way we work at all levels of society: state administration, the private sector and public life. At AmCham Slovenia, we believe that at a time when the Slovenian economy is being rebranded as "green, creative, and smart", in line with the government's initiative "Slovenia, the Green Reference Country in Digital Europe", and considering the knowledge present in Slovenia, that Slovenia has an exceptional opportunity to become one of the world's leading countries in the development and implementation of blockchain technologies. Blockchain technology and the business environment have many opportunities and connections and we need to spread the knowledge about the impact of this new technology, as well as open a dialogue and ensure transparent collaboration. At the same time, we need to exercise caution with cryptocurrencies as many experts warn that the cryptocurrency bubble is going to burst.
British - Slovenian Chamber of Commerce - BSCC
We welcome blockchain technology as this is an important technological advance that will make online business easier and more secure. The technology itself enables the effective introduction of smart contracts which are initiated automatically when conditions are met. The whole system is decentralised which means that it is much more stable and more resistant to possible attacks. At the same time transactions, once executed, are recorded in the transaction chain and thus become permanently recorded in the chain along with other transactions. In so doing, the likelihood of misappropriation is nearly eliminated which means that it provides end users, companies and countries with an additional level of security in e-commerce.
As a Chamber of Commerce, we will always be at the forefront of innovation that will make business simpler, more transparent and more secure. We believe that blockchain technology is an innovation that will bring additional benefits to e-commerce.
The German-Slovene Chamber of Commerce and Industry - AHK Slowenien
In 2018, the German-Slovene Chamber of Commerce and Industry will focus on new technologies, smart factories and digital integration of processes, with special emphasis on the understanding and application of blockchain technologies within companies. In order to address this topic of broad and current interest, the Chamber will organise several events. The first two will take place in March: The very first conference on law 4.0 in Slovenia will focus on the legal framework of blockchain technologies, and at the Empower Production 4.0 Conference, production managers will be shown the benefits of automation and robotisation processes, and lean production. In April, managers and experts from different industries will join together at the Smart Business, Smart People Conference, where renowned international experts will talk about the impact of blockchain technologies on digitisation in SMEs. Furthermore, the German-Slovene Chamber of Commerce invites all companies engaged in German-Slovene economic relations and with innovative concepts and best practice examples of digitalisation to apply for the German Economy Award. The winner will be named at the Gala Award Ceremony in May.
Italian Trade Agency (ICE)
Blockchain is often considered as one of the most important breakthroughs in international technologies since the discovery of the internet, and it might become one of the most important revolutionary technologies of the future. From its first application in cryptocurrencies in 2008, it's utilisation has been blooming quickly during recent years. The European Commission has been funding blockchain projects through the EU's research programs, FP7 and Horizon 2020, for the last five years and will continue to do so until 2020, with up to EUR 340m available for blockchain solutions. The recent launch of the EU Blockchain Observatory and Forum is a further step toward the reinforcement of blockchain technologies, the stimulation of its development and introduction of cross-border projects. With increasing trust, speed, decentralisation, traceability and security on the one hand, and reducing transaction costs on the other, blockchain technologies have huge potential for making social and economic online transactions more secure by protecting against attacks and removing the need for intermediates. Blockchain technologies can be applied in many areas, from financial transactions to smart contracts, tokenising real estate, e-elections, audits, monitoring the origin of tradeable goods, trading services, goods, energy and many others. When the question of its regulation, legal protection and tax framework will be solved, we may have a new winner on the market. And Europe, with its startups, has the potential to become a leading world blockchain region. For this and other areas of innovation, ITA have dedicated a platform on how the most innovative companies meet the opportunities for internationalisation.
Kazakh-Slovenian Business Club - KSBC
At KSBC we are sure that supply and demand will always shape business, how and with what technology the goods and services will be paid we will see in the future. Some countries and institutions have already adopted blockchain technology and also Kazakhstan is not lagging. Despite differing views for registering the Blockchain Association as a legal entity and regulating cryptocurrencies, the overall goal is to promote the technology and its use. The Association warns that some countries have already recognised cryptocurrency as the official means of payment, while others are still deciding, however Kazakhstan has to find its place in the segment.
Maybe President Nazarbayev had in mind also blockchain technology when, in his speech to the nation at the beginning of the year, he warned of rapid changes in the world which increasingly concern Kazakhstan. He warned that oil will no longer be enough and the industrialisation of the country is needed as the world has found itself in the fourth industrial revolution, which the State must follow. Presiding over the UN Security Council since the beginning of the year and to host EXPO 2017, of which KSBC was an official partner, are important achievements for Kazakhstan and therefore it is necessary to continue the reforms of the third modernisation and follow the Kazakhstan 4.0 program, industrialisation.
Luxembourg-Slovenian Business Club (LSBC)
"Think forward, Think Blockchain"
Authors: Iztok Petek, Nataša Zajec
Blockchain technology can be compared to the internet, when it was launched people thought that it could only be used for email, they could never have imagined the endless possibilities of its use today. The blockchain revolution has only just begun and it's set to infiltrate all industries. Its potential to redefine our interactions in business and society and create new business models seems unlimited. Blockchain based technologies will, in the future, have influence on all business, through payments, governance, B2B service platforms, etc. However, there is still a long way to go before blockchain technology will really infiltrate business and society. It would be a mistake to jump into the innovation potential of blockchain without understanding the technology, its possibilities and constraints. Many people associate blockchain to cryptocurrencies such as Bitcoin and nothing else. Business leaders and innovators need to see beyond that and identify the trends and disruption opportunities of blockchain in their industry or market. LSBC has taken an active role in raising the awareness about blockchain by connecting enterprises for projects, promoting business cases and educating managers.